Libya on Wednesday awarded oil exploration and production licences to foreign energy firms for the first time since 2011.
Chevron, BP and other major players secured blocks in a move signalling cautious revival in the fractured state.
The bidding round marks Libya’s latest effort to rebuild an industry battered by revolution, division and years of instability.
Only five of the 20 blocks offered received bids, reflecting what analysts described as muted investor appetite.
Winners included Nigeria’s Aiteo and consortiums led by Repsol, BP, Eni North Africa, QatarEnergy, Hungary’s MOL Group and Turkiye Petrolleri.
The National Oil Corporation did not disclose licence costs and said another bidding round would follow later this year.
Libya produces about 1.5 million barrels of oil per day and holds Africa’s largest proven reserves.
Yet the country remains politically divided between a UN-backed government in Tripoli and a rival eastern administration.
Hamish Kinnear of Verisk Maplecroft said the limited response was underwhelming despite broad pre-qualification by international companies.
He cited lingering political dysfunction and insecurity around the offered blocks as likely deterrents for investors.
Geoff Porter of North Africa Risk Consulting called participation “a considerable disappointment when measured against expectations.”
He said companies remain wary of institutional reliability and risks above ground, beyond geology and reserves.
Last month, Libya signed more than $20 billion in agreements with TotalEnergies and ConocoPhillips to raise output.
Prime Minister Abdelhamid Dbeibah said the deals aim to increase production by 850,000 barrels per day over 25 years.
Analyst Jalel Harchaoui suggested limited bids may indicate private negotiations occurring outside the formal process.
He said major firms, including ExxonMobil, were already engaged in talks that bypass structured bidding.
NOC chief Masoud Suleman said a committee would review and improve licensing terms for unallocated blocks.
He described the awards as a return of trust and institutional momentum in a sector long stalled by conflict.
The ceremony projected ambition, yet the sparse bidding underscored the fragile balance between promise and persistent uncertainty.
