Libya’s National Oil Corp. (NOC) has awarded new oil and gas exploration rights to five foreign firms, including US oil major Chevron, aiming to revive the country’s oil and gas sector after nearly two decades of stagnation. NOC Chairman Engineer Masoud Suleman said the success of this round of bidding marks a turning point in the development of the Libyan oil sector. He noted that attracting international companies to the sector will double Libya’s crude oil production, leading to an economic revival, while also safeguarding the country’s crude oil reserves. Libya currently produces around 1.5 million barrels a day, but it holds Africa’s largest oil reserves at an estimated 48.4 billion barrels. “Libya has significant proven oil reserves and a long history of producing its resources.

Source: The North Africa Journal February 12, 2026 07:31 UTC