Africa-Press. The National Oil Corporation in Libya has signed production sharing agreements with several international energy companies as part of the country’s efforts to attract new investments and expand exploration and production operations in the oil and gas sector.
The agreements include prominent international companies, such as Repsol, Eni, Qatar Energy, as well as Turkey Petroleum and other international alliances. This follows the results of a licensing round launched by Libya to reactivate the energy sector after years of decline and instability.
The head of the National Oil Corporation, Masoud Suleiman Moussa, stated that the agreements reflect the growing confidence of international investors in the Libyan oil sector. It is expected that these agreements will contribute to supporting exploration and development activities and increasing production in the coming years.
This step is part of a Libyan plan aimed at raising oil production capacity from about 1.4 million barrels per day currently to two million barrels per day. This goal is being pursued by attracting foreign capital and developing oil fields and infrastructure.
Libya launched its first licensing round for oil and gas exploration since 2007, offering dozens of onshore and offshore areas to international investors in an attempt to revive a sector that represents the main source of state revenues.
It is worth noting that the Libyan oil sector has the largest proven oil reserves in Africa, but it has faced repeated disruptions since 2011 due to political divisions and armed conflicts that have frequently led to the closure of oil fields and ports. In recent months, the National Oil Corporation has intensified its efforts to attract global companies by launching new licensing rounds and signing long-term development and investment agreements, as part of efforts to enhance production and increase oil and gas exports.
