Libya Awards Exploration Rights for Five Oil and Gas Blocks

Libya's National Oil Corporation announced on Wednesday the awarding of exploration rights for five oil and gas blocks to international companies, marking the country's first upstream licensing round in nearly two decades amid efforts to revitalize its energy sector.

The awards, granted during a ceremony in Tripoli, include onshore acreage in the Sirte and Murzuq basins as well as offshore areas in the gas-rich Mediterranean. Italy's Eni and QatarEnergy secured rights to Offshore Area 01. A consortium comprising Spain's Repsol, Hungary's MOL Group and Turkey's state-owned Turkish Petroleum Corporation won Offshore Area 07. Chevron, the U.S. energy major, obtained the Sirte S4 onshore license, representing its return to the North African nation. Nigeria's Aiteo Group was awarded the Murzuq M1 block.

NOC Chairman Masoud Suleiman described the event as a significant milestone. "Attracting major international companies to invest in Libya marks a key step in the Government of National Unity's Return to Life initiative," he said. He added that the awards reflect "a return of trust and resuming institutional work in one of the country's most important sectors after a long period of...