Libya grants oil exploration licences to foreign companies

Winning bidders for Libya’s new oil and gas exploration rights include Chevron, Eni, QatarEnergy, and Aiteo, as announced by the National Oil Corporation after the first licensing round since 2007. The awards signal a renewed interest in Libya’s oil sector, although the response was smaller than expected due to political dysfunction and insecurity. The licensing round follows a recent $20bn deal with TotalEnergies and ConocoPhillips to boost oil production, aiming to increase daily production by 850,000 barrels within 25 years. The round introduced a more investor-friendly contract model to attract foreign investment and improve the sector’s growth and stability.

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