Libya Launches First Oil Exploration Tender in 17 Years

Libya has announced its first oil exploration bidding round in over 17 years, marking a significant step for the North African nation as it seeks to revitalize its energy sector and attract foreign investment. Oil Minister Khalifa Abdul Sadiq and Masoud Suleman, the acting Chairman of the National Oil Corporation (NOC), emphasized the importance of this move amidst Libya's efforts to recover from years of political instability and production disruptions following the 2011 civil war. The country, which is Africa's second-largest oil producer, aims to increase its output from over 1.4 million barrels per day to 1.6 million bpd. Major oil companies such as Eni, BP, and Repsol have shown renewed interest in Libya, with Eni recently securing an $8 billion gas deal. This initiative reflects Libya's ambitions to leverage its rich oil resources to foster economic growth and stability in a shifting global energy landscape.