Libya Draws Oil Majors Back in First Licensing Round in 17 Years

AI Summary

Libya has attracted major oil companies back with its first licensing round in 17 years. The National Oil Corporation signed agreements with Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL, boosting Libya's crude production to about 1.4 million barrels per day.

Libya is back on the radar of the world’s largest oil companies, and Washington is trying to turn a fragile military thaw into a new source of crude supply. Libya’s National Oil Corporation has formally signed exploration and production-sharing agreements from its 2025 bid round with international companies including Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL, marking the country’s first major licensing push in 17 years. In the meantime, Libya’s production has climbed to roughly 1.4 million bpd, its highest level…