Libya Opens First Oil Tender Since 2011 Revolution – Major Players Rush In
In a landmark move for the oil-rich North African nation, Libya has launched its first energy exploration tender since the 2011 conflict that ended Muammar Qaddafi’s regime. Industry giants Chevron Corp. and TotalEnergies SE are leading the charge among 37 international companies vying for lucrative contracts.
National Oil Corp Chairman Massoud Seliman revealed that Eni SpA and Exxon Mobil Corp. are also among the major players competing for 22 offshore and onshore blocks. Contracts are expected to be signed with successful bidders by the end of 2025.
“Almost all well-known international companies” are participating in this historic tender, Seliman stated from the capital, Tripoli. This represents a watershed moment for Libya, which holds Africa’s largest oil reserves but has seen production crippled by over a decade of conflict and political instability.
The country currently produces about 1.4 million barrels per day but aims to reach a record 2 million barrels daily before 2030, surpassing the 1.75 million-barrel peak achieved during Qaddafi’s era in 2006.
Source: finance.yahoo.com
