Chevron Corp. and TotalEnergies SE are among 37 global energy firms vying for exploration rights in Libya’s first energy tender as the North African nation seeks to restore its battered oil sector and attract foreign investment.
- Chevron Corp. and TotalEnergies SE are among 37 firms competing for Libya’s energy exploration rights.
- Libya seeks to rejuvenate its oil sector post-2011 conflict and attract foreign investment.
- The tender marks Libya’s first since 2007, aiming for increased oil output to 2 million barrels daily by 2030.
Chevron Corp. and TotalEnergies SE are among 37 global energy firms vying for exploration rights in Libya’s first energy tender since the 2011 conflict, as the North African nation seeks to restore its battered oil sector and attract foreign investment.
Other interested parties include Eni SpA and ExxonMobil, according to National Oil Corporation (NOC) Chairman Massoud Seliman, who spoke in an interview from the capital, Tripoli.
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In April, Business Insider Africa reported that after more than a decade of turmoil, Libya is once again drawing the attention of international oil majors, with Turkey also eyeing a stake in the action.
The OPEC member, which holds Africa’s largest proven oil reserves, last conducted an oil exploration tender in 2007, before the 2011 uprising that toppled longtime ruler Muammar Qaddafi and plunged the country into prolonged instability.
A return of foreign bidders would mark a major turning point for Libya’s energy sector, which has struggled to recover amid deep political fragmentation, Blomberg reported.
Libya targets output surge
Libya aims to raise daily oil production to 2 million barrels by the end of the decade, surpassing the 1.75 million barrels per day achieved during Muammar Qaddafi’s rule in 2006. Current output stands at approximately 1.4 million barrels a day.
Under the new tender framework, successful companies will shoulder the initial costs of exploration, including seismic surveys, but will be allowed to recover their investments if they strike commercially viable hydrocarbon reserves.
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Libya’s National Oil Corporation (NOC) is awaiting approval for a $3 billion development budget aimed at boosting the country’s oil production to 1.6 million barrels per day within a year, according to Chairman Massoud Seliman.
A portion of the proposed budget will be directed toward expanding operations at key joint ventures, including Akakus Oil Operations, which manages the Sharara field, Libya’s largest.
The venture includes international partners such as TotalEnergies, Repsol SA, OMV AG, and Equinor ASA, alongside Libyan state-owned entities.
