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Posted By OrePulse
Published: 05 Dec, 2024 12:23
Libya to open new oil exploration licenses in 2025
The Ministry of Oil and Gas is set to launch a new round of oil exploration licenses in early 2025, according to a report by Energy Media Platform. The initiative aims to boost oil production and strengthen the nation’s economy.
The new licenses will focus on the Sirte, Murzuq, and Ghadames basins, regions considered among the most hydrocarbon-rich in the country. Despite their potential, these areas remain largely untapped, the report highlights.
Estimates suggest that the Sirte and Murzuq basins account for 93% of Libya's recoverable reserves, with the Murzuq Basin alone holding approximately 5 billion barrels of oil equivalent.
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