Top global oil firms like ExxonMobil, Chevron, TotalEnergies, and Eni are actively competing in Libya’s revived oil bid round, according to the chairman of Libya’s National Oil Corporation (NOC), Masoud Suleman.
Earlier this year, Libya reopened oil and gas exploration opportunities for the first time since its civil conflict began after the fall of Gaddafi.
A wide range of global energy companies, including major players, have shown interest in exploring Libyan oil and gas fields, Suleman noted.
He explained that nearly every major international firm is vying for both offshore and onshore acreage.
The country plans to finalize agreements with successful companies before the year ends.
Winning companies will enter into production sharing deals, marking a return to exploration activities after a long pause.
Libya has put a mix of offshore and onshore sites on the table, including fields with known but undeveloped reserves.
The national oil company believes there are vast untapped oil and gas resources still beneath Libyan soil and sea.
Current oil output remains steady, but the country is looking to expand that volume significantly, depending on financial support.
Several international firms have already begun moving back into the Libyan market.
Last year, BP and Eni resumed operations in Libya after staying out during years of unrest.
In a recent development, Eni restarted drilling activity in the Ghadames Basin, working alongside BP and the Libyan Investment Authority.
U.S.-based Weatherford has also returned to provide oilfield services in Libya, ending a decade-long absence.
source:oilprice.com
African Energy Council