Oil majors are on the march again in Libya in 2026, but the country’s persistent above-ground risks could yet test the resolve of some of the industry’s biggest names, from Chevron to Total. 

On Feb. 11, Libya’s National Oil Corporation (NOC) announced winners for its first oil and gas licensing round in 17 years — a milestone for an OPEC member that has lurched from civil war to uneasy truce since 2011. Alongside US supermajor Chevron, winners of exploration rights included Italy’s Eni, QatarEnergy, Hungary’s MOL, Nigeria’s Aiteo, Spain’s Repsol and Turkey’s TPOC.

NOC Chairman Masoud Suleman called the round a “significant turning point” that would help double crude production and spur an economic revival. Libya’s output averaged roughly 1.37 million barrels per day (bpd) in 2025, its highest level in a decade. The awards follow a string of recent agreements with international oil companies (IOCs), including a 25-year extension signed in January with France’s TotalEnergies and US major ConocoPhillips to expand production at the Waha concessions, with investments expected to exceed $20 billion.

Yet for all these headlines putting Libya’s energy sector back on the map, the bid round’s outcome was modest. Despite strong interest from nearly 40 firms, only five blocks were awarded out of 22 on offer, which spanned both onshore and offshore acreage. In comments to reporters, Suleman acknowledged disagreements over drilling commitments and participation stakes, adding that terms could be refined and that further negotiations may follow for unawarded areas.