Libya reopens oil, gas fields to foreign investors after 17 years

Libya is opening its oil and gas fields to foreign investors for the first time in more than 17 years, launching a licensing round that includes 22 onshore and offshore blocks.

Major international energy companies, including BP, Chevron, ExxonMobil, TotalEnergies, Shell, and Eni, have qualified to compete for exploration and development licenses, with awards expected early next year, The National reports.

The government has revised its production sharing framework to offer more attractive terms to investors and anticipates several hundred million dollars in new upstream investment.

While the move supports Libya’s broader economic recovery, ongoing political divisions and security risks continue to weigh on investor confidence.