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Exxon Mobil (NYSE:XOM) is on the verge of signing an offshore gas exploration deal in Libya, according to the U.S. Embassy in Tripoli, which would mark the company’s return to the country after a decade-long absence.
Separately, the Libyan government has launched its first major oil and gas licensing round since 2007, offering 22 onshore and offshore exploration blocks.
The head of Libya’s National Oil Corporation said nearly 40 multinational companies, including Exxon (NYSE:XOM), Chevron (CVX), TotalEnergies (TTE) and Eni (E) have shown interest in bidding for blocks.
Libya currently produces 1.3M-1.4M bbl/day of oil, but the NOC aims to ramp up output to 2M bbl/day within the next three years, provided sufficient foreign investment is secured, and Libya could hold more than 90B barrels of untapped oil and gas reserves, positioning the country as one of the most promising yet underexplored energy frontiers in North Africa.
Key have begun to resume operations in Libya: BP and Eni restarted drilling activities in the Ghadames Basin in 2024, and oilfield services company Weatherford returned in 2025 after more than a decade-long absence.