ON
🔍
← Back to feed
TREconomy6 days ago

Libya inks production-sharing deals with Türkiye's TPAO, foreign firms

Libya's National Oil Corporation (NOC) has signed production-sharing agreements with multiple international energy firms following its first licensing round in nearly two decades. The deals involve companies such as Spain's Repsol, Türkiye's TPAO, Italy's Eni, QatarEnergy, and a consortium including Hungary's MOL Group. These agreements aim to boost Libya's oil and gas sector by increasing production capacity to 2 million barrels per day. The move reflects renewed investor confidence despite ongoing instability in the region.

Libya's National Oil Corporation (NOC) has signed production-sharing deals with several international energy firms after the country's first licensing round in nearly 20 years, Chair Massoud Suleman said Monday.

The agreements were ​signed with ⁠Spain's Repsol and Türkiye's state-owned Turkish Petroleum Corporation (TPAO), Italy's Eni and QatarEnergy, and a consortium comprising Hungary's MOL Group, TPAO and Repsol, Suleman said in a statement posted on social media.

The deals follow Libya's ⁠2025 bid ⁠round, under which the NOC awarded exploration acreage to foreign companies as the Organization of the Petroleum Exporting Countries (OPEC) member seeks to attract investment and raise oil production capacity to 2 million barrels per day ⁠from around 1.4 million bpd currently.

Suleman said the agreements reflected growing confidence in Libya's ​oil and gas sector and would ​support exploration, development and production growth.

One of Africa's biggest oil producers, Libya awarded exploration ⁠blocks ‌in ‌February to companies including Chevron, ⁠Eni, QatarEnergy, TPAO, and ‌Repsol in its first licensing round ​since 2007.

Foreign investors have been wary of putting money into Libya, which plunged into chaos since a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011.

It remains divided between the U.N.-recognized government in the west and its eastern rival, backed by military commander Khalifa Haftar.

Disputes between them over oil revenues have often led to oilfield shutdowns and output disruptions.

Read the full article at Daily Sabah →
Source document: Statement by NOC Chair Massoud Suleman

1 reports

Daily SabahParty-alignedCenter6 days ago
Libya inks production-sharing deals with Türkiye's TPAO, foreign firms

Libya's National Oil Corporation (NOC) has signed production-sharing agreements with multiple international energy firms following its first licensing round in nearly two decades. The deals involve companies such as Spain's Repsol, Türkiye's TPAO, Italy's Eni, QatarEnergy, and a consortium including Hungary's MOL Group. These agreements aim to boost Libya's oil and gas sector by increasing production capacity to 2 million barrels per day. The move reflects renewed investor confidence despite ongoing instability in the region.

Bias read (Center): The article presents factual information about Libya's new production-sharing agreements without overtly favoring any political side. It mentions both international companies and Libya's efforts to increase oil production but does not take a stance on the geopolitical implications or criticize any一方

Official sources cited

Go to the primary sources (1)

The official sources this coverage is built on. Read them directly to bypass framing.