Libya granted several foreign companies new oil exploration and production licenses for the first time in 17 years on Wednesday, after more than a decade of political instability. The hydrocarbon-rich country is seeking to draw major global energy companies back, while boosting daily oil production by 850,000 barrels over the next 25 years. Libya currently produces around 1.5 million barrels a day, sitting on Africa's largest oil reserves at an estimated 48.4 billion barrels. Last month, Libya signed agreements worth more than $20 billions of investment by TotalEnergies and ConocoPhillips, to increase oil production within 25 years. The National Oil Corporation had opened bids for 20 oil blocks, with 11 offshore, but none of the latter received offers.

Source: Libya Today February 11, 2026 13:03 UTC