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The United States and Europe’s leading oil companies are preparing to re-enter Libya, as the country opens its first oil exploration bidding round since 2007. Libya’s National Oil Corporation (NOC) announced that the process has reached its final phase, with companies set to submit proposals and open bids in February 2026.
A delegation from Tripoli visited Washington this week to attract interest in the historic licensing round—part of a broader effort to rebuild investor confidence, boost national production, and counter rising foreign influence in the politically fractured state. Major global energy players including Shell, Chevron, TotalEnergies, Eni and Repsol have already been pre-qualified to participate. The bid round covers 22 blocks—split evenly between offshore and onshore areas—primarily across the Sirte Basin, as well as sections of the Ghadames and Murzuq basins.
This renewed momentum follows an August deal granting ExxonMobil exploration rights off Libya’s coast. Exxon said it looked forward to evaluating the country’s energy prospects alongside the NOC. Since July, Shell and BP have also revived cooperation with the corporation. BP is assessing redevelopment prospects at the Sarir and Messla fields and evaluating unconventional resources, while Shell is exploring development of the Atshan field on the Algerian border. Meanwhile, Eni has resumed drilling activities in the Ghadames Basin in partnership with BP and the Libyan Investment Authority.
Recent exploration successes have strengthened Libya’s investment narrative. Earlier in November, the NOC announced a new crude discovery through its subsidiary AGOCO in the Ghadames Basin, where the H1-NC4 well is projected to yield around 4,675 barrels of oil per day and two million cubic feet of gas. In the nearby Sirte Basin, Austria’s OMV has also reported strong test flows exceeding 4,200 barrels of oil per day and more than 2.6 million cubic feet of gas from an exploratory well in Block 106/4.
These results highlight the scale of Libya’s underdeveloped hydrocarbon resources, drawing attention at a time when global firms are increasingly seeking new reserves. The country intends to raise output from the current 1.4 million barrels per day to 2 million bpd between 2028 and 2030—potentially the largest expansion within OPEC+ after the UAE and Iraq. To lure investors, Tripoli has introduced new production-sharing models and eased previously restrictive fiscal terms. Chevron CEO Mike Wirth noted that conditions are now “more attractive than they have been historically.”
According to the NOC, the 22 bid-round blocks contain an estimated 1.63 billion barrels of discovered resources and a potential 18 billion barrels yet to be found, building on Libya’s 48 billion barrels of proven reserves. A separate auction for more than 40 marginal oil fields—each capable of producing between 5,000 and 20,000 barrels per day—is expected before year-end.
Despite the surge in international engagement, Libya remains divided between two competing authorities: the UN-recognised government in Tripoli and the eastern administration led by General Khalifa Haftar, who controls much of the country’s oil-rich regions. During talks in Washington, Libyan officials warned that Russia’s expanding influence in Haftar-held areas poses a growing threat. Senior official Mahmoud Ahmed Alfiste noted that although the NOC is the internationally recognised exporter of Libyan oil, Haftar and his sons control significant reserves. Moscow’s longstanding support for Haftar has allowed it to broaden its military presence across the east and south.
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Tripoli’s representatives argued that greater participation by Western energy companies could help reinforce the NOC’s national authority, diminish Russian leverage, and contribute to stabilising Libya. They also emphasised that increased Libyan oil and gas output could provide an important alternative to Russian supplies—particularly as Europe continues to shift away from dependence on Moscow.
