By: Energy capital & power

Multinational energy corporation Chevron and integrated multi-energy company TotalEnergies have announced they will compete in Libya’s 2025 oil and gas licensing round.

According to the country’s National Oil Corporation (NOC), 37 international companies – including supermajors Eni and ExxonMobil – have expressed interest in the licensing round.

The round comprises 22 exploration blocks – 11 onshore and 11 offshore – with contracts expected to be signed by the end of 2025. The tender offers production sharing agreements and includes areas with undeveloped discoveries.

Libya currently produces approximately 1.4 million barrels of oil per day (bpd) and aims to increase output to 2 million bpd by 2030.

According to Masoud Seliman, Chairman, NOC, the parastatal is awaiting approval for a $3 billion development budget, targeting a near-term production boost to 1.6 million bpd. The funds will also support the development of key operators, including Akakus and Waha Oil Company, with the latter aiming to expand capacity from 300,000 bpd to 800,000 bpd.

Libya holds an estimated 91 billion barrels of oil equivalent in undiscovered hydrocarbons and is positioning itself as a key petroleum hub for international oil majors.