Libya is now officially returning to major international oil and gas business.
So far top global gas companies such as ExxonMobil, Chevron, TotalEnergies, and Eni are taking part in the country’s first oil exploration bid round in nearly 20 years.
That is according to the Chairperson of Libya’s National Oil Corporation (NOC), Masoud Suleman, who reveals that nearly 40 multinational firms have expressed interest in wading into Libyan oil business.
This is Libya’s first major oil and gas tender since the 2011 uprising, which led to years of conflict and instability. The last time the country held such an international bid was back in 2007 during the Gaddafi reign.
The government in Tripoli is reportedly offering 22 exploration blocks, split evenly between onshore and offshore areas, some of which include untapped discoveries.
Masoud Suleman said that 37 international firms have expressed interest, including nearly all the world’s major oil companies.
Libya currently produces between 1.3 and 1.4 million barrels per day (bpd).
But the National Oil Company (NOC) plans to increase output to 2 million bpd within three years, depending on whether it can secure enough foreign investment.
The contracts resulting from floated tenders will be awarded under the Production Sharing Agreement (PSA) system, with deals expected to be signed by the end of 2025.
After years of uncertainty, international companies are beginning to return to Libya.
In 2024, British Petroleum (BP) and Eni resumed operations in the North African Country, launching new drilling activities in the Ghadames Basin.
They accomplished that in partnership with the Libyan Investment Authority.
The United States’ oil and gas entity, Weatherford also restarted operations in 2025 after more than a decade hiatus.
The National Oil Company estimates that Libya holds 91 billion barrels of undiscovered oil and gas resources, making it one of the most promising energy markets in the region.
This bid round could mark a major turning point for Libya’s oil industry.
However, its success will rely heavily on political stability, security, and investor trust to turn exploration into real production.