Massive Oil Comeback, Global Energy Firms Flock to Libya After 18 Years, Pipeline Fixes Signal New Era of Exploration
In a stunning turn of events, oil supermajors including ExxonMobil, Chevron, TotalEnergies, and Eni are competing fiercely in Libya’s first oil exploration bid round since 2007, signaling a dramatic shift in the war-torn nation’s energy landscape. The National Oil Corporation (NOC) has revealed that 37 international companies have expressed interest in Libyan acreage for oil and gas exploration, with NOC Chairman Masoud Suleman stating that “almost all well-known international companies” are participating in the tender.
Libya is offering 22 blocks for exploration and development, comprising 11 offshore and 11 onshore blocks, including areas with undeveloped discoveries. The country holds an estimated 91 billion barrels of oil equivalent in undiscovered resources, making this tender one of the most significant opportunities in the global energy sector.
The renewed interest comes as Libya’s oil infrastructure shows signs of recovery, with the Arabian Gulf Oil Company (AGOCO) recently completing crucial repairs on the Hamada-Zawiya crude oil pipeline. The pipeline connects to the Zawiya refinery, the country’s largest operational facility with a 120,000 barrels per day capacity.
Currently producing around 1.3-1.4 million barrels per day, Libya aims to boost production to 2 million barrels per day within three years, contingent on sufficient funding. This represents a remarkable comeback for a nation that has struggled with aging infrastructure since the civil war began following Muammar Gaddafi’s fall in 2011.
Source: Oilprice.com
