Libya Charts New Oil Exploration Path
Libya is moving towards expanding oil and gas exploration and drilling activities in 2026 by offering new opportunities to global companies in the Gabis-Trables Basin, in cooperation with Tunisia. The goal is to attract new investments and develop hydrocarbon resources in the region. The auction includes an exploration opportunity and development operations for joint sites along the maritime borders, with potential resources exceeding 1.6 billion barrels of oil and 3.1 trillion cubic feet of gas. The focus is on five exploration sites, most notably the "Hadaf" site, which is the largest, along with the joint Zarat field. The bids are scheduled to close at the end of 2026, with results announced in early 2027. This initiative is part of broader efforts across North Africa to increase exploration and production activities for oil and gas, with Egypt and Algeria contributing to these efforts by offering new exploration areas.
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