Libya has awarded oil and gas exploration blocks to foreign energy companies including Chevron, Eni, QatarEnergy and Repsol in its first licensing round in nearly two decades, as it pushes to revive a hydrocarbons sector crippled by years of conflict and underinvestment. Italy’s Eni and QatarEnergy secured Offshore Area 01 in the gas-rich Cyrenaica zone, deepening a Mediterranean partnership that has expanded steadily in recent years. Libya signed a 25-year oil development agreement worth more than $20 billion with France’s TotalEnergies and US's ConocoPhillips last month. International energy companies have been looking to return to Libya, which has Africa’s largest proven crude reserves. Despite the oil rebound, the country continues to grapple with fragmented governance, heavy public spending and weak fiscal co-ordination between rival administrations.

Source: Libya Today February 11, 2026 13:40 UTC