Libya’s new oil and gas licensing round presents investment opportunities

Libya’s Ministry of Oil and Gas has confirmed plans for a new oil and gas licensing round by early 2025, aiming to attract international investment and further develop key hydrocarbon resources. This round will focus on onshore and offshore areas in the Sirte, Murzuq, and Ghadames basins, areas known for their vast untapped potential. With successful development, production could reach an impressive 1.6 million barrels per day by the end of 2025.

This initiative is part of Libya’s broader strategy to revitalize its energy sector and stabilize the economy, which remains heavily reliant on oil and gas revenues.

The 2025 licensing round will prioritize three prominent basins: Sirte, Murzuq, and Ghadames. These basins are some of the country’s most valuable, rich in both oil and natural gas. The Sirte Basin, located in eastern Libya, is the largest and most historically productive area, home to major fields like Waha and Sarir.

While the infrastructure in this region has faced challenges due to years of underinvestment, there is significant opportunity for modernization and increased efficiency.

The Murzuq Basin, in the southwest, is known for its high-quality light crude oil reserves, with promising potential for new discoveries.

The Ghadames Basin, which extends across Libya, Algeria, and Tunisia, offers both onshore and cross-border opportunities, making it critical for regional energy cooperation. Investments in this area could help meet Libya’s domestic energy needs while also supporting broader regional stability.

Revitalizing these basins presents more than just an opportunity to boost production; it’s a key part of Libya’s strategy to strengthen its energy sector and attract international partnerships. With substantial investments, Libya can modernize infrastructure, improve efficiency, and enhance recovery rates, ultimately increasing its oil and gas output.

This will also help Libya secure a more influential role in OPEC and the global energy market.

Libya’s push for regulatory reforms and a transparent licensing process signals a strong commitment to developing its energy sector and attracting international investors.

By tapping into the potential of the Sirte, Murzuq, and Ghadames basins, Libya is poised for an economic resurgence, offering promising prospects for energy companies and contributing to greater regional energy security.

The Libya Energy & Economic Summit, scheduled for January 18-19, 2025, in Tripoli, will bring together global investors, industry leaders, and policymakers to discuss opportunities and foster investment in Libya’s energy sector.

The summit will serve as a platform to explore how Libya can leverage its vast hydrocarbon wealth to drive economic growth and energy development, marking a new chapter in the nation’s energy future.