Libya signs production-sharing agreements with Repsol, Eni, and others, boosting output to 1.4 million bpd amid geopolitical efforts to secure crude supply.
Libya’s National Oil Corporation has finalized exploration and production-sharing deals with international oil majors, including Repsol, Eni, QatarEnergy, and Turkish Petroleum. The agreements mark the country’s first major licensing round in 17 years, signaling renewed interest from global energy firms.
The deals coincide with Libya’s rising production, now at approximately 1.4 million barrels per day, its highest level in years. The move follows diplomatic efforts to stabilize the region and expand crude supply amid global energy market volatility.
No immediate market reaction was reported, but the agreements could bolster long-term output and investment in Libya’s oil sector.