(MENAFN) Libya has launched its first oil and gas exploration tender since the 2011 NATO-backed uprising that toppled former leader Muammar Gaddafi, drawing participation from 37 major international energy firms, Bloomberg reported on Wednesday.

Massoud Seliman, chairman of Libya’s state-run National Oil Corporation (NOC), revealed that top global companies – including ExxonMobil, Chevron, TotalEnergies, and Italy’s Eni – are competing for rights to 22 onshore and offshore blocks. The licensing process is expected to conclude with contract signings by the end of 2025.

The tender marks a key step in Libya’s plan to rejuvenate its oil sector, which has been plagued by over a decade of political division and militia-driven instability. The country remains split between the UN-backed Government of National Unity in Tripoli and the eastern-based Government of National Stability in Benghazi.

Libya holds the largest proven oil reserves in Africa, estimated at 48 billion barrels, or 41% of the continent’s total, according to the U.S. Energy Information Administration. The last bidding round was held in 2007, four years before the civil unrest.

Authorities aim to increase crude output from 1.4 million to two million barrels per day by 2030, surpassing the 1.75 million-barrel peak reached under Gaddafi in 2006. The NOC is also seeking approval for a $3 billion budget to help lift production to 1.6 million barrels per day within a year.

Funds will support projects at key fields such as Sharara, Libya’s largest oil field, managed by Akakus – a joint venture involving TotalEnergies, Repsol SA, OMV AG, Equinor ASA, and Libyan partners.

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