Libya Set to Award First Oil Licences in Nearly 20 Years

Libya is set to reveal the winners of its first oil and gas exploration licences in nearly 20 years, an official from the National Oil Corporation (NOC) confirmed on Saturday.

Hussain Safar, a member of the NOC board, said the results of the tender for foreign companies are expected between February and March.

The licences notably cover “promising offshore areas,” Safar noted, speaking in Tripoli during the Libya-Africa International Gas Forum.

Libya (News Central TV) — Libya is set to award its first oil licences in nearly 20 years. Credit: Reuters

The North African nation, which holds Africa’s largest oil reserves at an estimated 48.4 billion barrels, last issued tenders for hydrocarbon exploration in 2007-2008, focused on natural gas.

The latest round, launched in March, aims to entice major international energy companies back after years of political turbulence and fluctuating production levels.

Libya remains divided between the UN-recognised government in Tripoli, led by Prime Minister Abdulhamid Dbeibah, and the eastern administration of commander Khalifa Haftar, a split that has persisted since the 2011 NATO-backed uprising that toppled long-time ruler Moamer Kadhafi.

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Abdullahi Jimoh

Abdullahi Jimoh is a multimedia journalist and digital content creator with over a decade's experience in writing, communications, and marketing across Africa and the UK.