Libya Signs Production-Sharing Contracts with Global Firms Amid Push to Expand Oil Output

NOC signs agreements with Repsol, Eni, QatarEnergy, Turkish Petroleum Corporation, and MOL Group after licensing round as it targets output growth

By Samuel Okocha

Libya’s National Oil Corporation (NOC) has signed production‑sharing agreements with several foreign energy firms, as the North African country pushes to attract upstream investment and expand production.

The agreements were signed with Spain’s Repsol, Italy’s Eni, QatarEnergy, Turkish Petroleum Corporation (TPAO), and Hungary’s MOL Group, part of a consortium with Repsol and TPAO.

NOC chairman Massoud Suleman announced the deals on June 15, 2026, noting they will support exploration, development, and production growth.

Libya’s NOC is targeting an increase from current 1.4 million barrels per day to 2 million bpd in 2030, surpassing its pre‑civil war peak of 1.6 million bpd.

Libya, which holds Africa’s largest proven oil reserves at an estimated 48.4 billion barrels, launched the bid round in 2025.

The round included blocks in the resource-rich Sirte and Murzuq basins. It also covered an equal mix of onshore and offshore acreage, with most blocks near existing infrastructure to speed up development.

Libya had also introduced Enhanced Production Sharing Agreements (EPSA V), allowing companies to recover up to 70% of investment costs from oil revenue. Profits are then shared 60% to NOC and 40% to investors.

In February this year, Chevron, Eni, QatarEnergy, Repsol, Turkish Petroleum (TPAO), MOL and Aiteo all won acreage in Libya’s first licensing round in nearly twenty years.

The signing of production‑sharing agreements marks a significant step toward development.