Libya prepares for first new oil and gas licensing round in 17 years

The Libyan authorities are preparing for a new round of oil and gas licences in 2024 after a hiatus of over 17 years. However, comprehensive maps for untapped gas regions have not been drawn up yet. Throughout this year, Libya has unveiled multiple plans to enhance its gas export capabilities, which barely meet domestic demand. It recently announced the discovery of 12 new gas fields, but vast untapped gas areas remain uncharted as the 2024 licensing round approaches.

In early July, the Minister of Oil and Gas, Mohammed Aoun, tasked the NOC in Tripoli with conducting extensive mapping of the country's energy reserves. Libya possesses 1.5 trillion cubic metres of gas reserves, jointly owning 45% of Africa’s reserves along with Egypt and Algeria. Besides domestic stability, Libya requires foreign investment to develop its vast oil and gas resources. Consequently, in December 2022, the NOC called on international oil and gas companies, which had previously signed exploration, sharing, and production agreements in Libya, to raise their declared force majeure.