KEY POINTS
- Aiteo Libya exploration license awarded in Murzuq basin.
- Aiteo Libya exploration license part of first round since 2007
- .Aiteo Libya exploration license reflects renewed investor interest.
Nigeria’s Aiteo has secured an exploration block in Libya’s first upstream licensing round in nearly two decades, marking a return of international interest in the oil-rich nation as it seeks to stabilise output after years of conflict.
Libya’s National Oil Corporation announced that five of the 20 blocks offered were awarded, including acreage to U.S. major Chevron and several European and regional consortia. Aiteo Libya exploration license places the Benedict Peters-controlled company among a select group of winners in a market long dominated by supermajors and state-backed firms.
The Nigerian independent secured a block in the Murzuq basin, an onshore region in Libya’s southwest known for prolific reserves but also recurrent security disruptions.
Aiteo Libya exploration license signals reset
Chevron won an onshore block in the Sirte basin, signalling a renewed presence in Libya as authorities seek foreign technical expertise to lift production. Other awards went to a partnership between Italy’s Eni and QatarEnergy, and a consortium comprising Spain’s Repsol, Hungary’s MOL Group and Turkiye Petrolleri.
The bid round marks Libya’s first since 2007 and comes as officials attempt to reassure investors after more than a decade of political fragmentation following the 2011 uprising. Rival administrations in the east and west, along with disputes over oil revenues and central bank governance, have periodically disrupted production.
Acting NOC Chairman Masoud Suleman described the auction as a move to restore confidence, saying the government revised the contract terms to make them more attractive to investors. Authorities say the new model replaces earlier structures that had deterred capital spending.
Aiteo Libya exploration license amid output push
According to Billionaires Africa, the awards follow a separate upstream investment agreement announced last month involving TotalEnergies and ConocoPhillips. Prime Minister Abdelhamid Dbeibah has outlined a target to increase Libya’s oil output by 850,000 barrels per day over 25 years, from current levels of about 1.4 million barrels per day.
Suleman said a committee would continue negotiations with unsuccessful bidders, suggesting additional awards could follow if outstanding terms are resolved.
For Aiteo, one of Africa’s largest privately held energy firms, the Libya entry expands its continental footprint into a challenging but resource-rich environment. Industry observers say investors and policymakers will closely watch performance in the Murzuq basin as Libya rebuilds its upstream sector and works to attract sustained foreign investment.
