Libya Dey Open Oil Block for Foreign Companies after 17 Years

Wetin dey happen for Libya now? Naija people, dem don give foreign oil companies chance to jump enter di oil and gas exploration matter after plenty years of wahala! This na di first licensing round wey dem don do since 2007, and as e be, dem don award five of di 20 blocks wey dem offer. Na serious palava after sey Gaddafi shell out for 2011, but dem dey try find way to make oil sector shine again.

Libya National Oil Corporation (NOC) wey dey led by Masoud Suleman, don announce di winners wey include big boys like Chevron, Eni, QatarEnergy, and Repsol. Dem dey eye di Sirte and Murzuq basins and also offshore blocks for di Mediterranean wey full with gas. E be like sey Libya dey try catch di attention of foreign investors wey don dey run away since di country turn to battleground after di fall of Gaddafi.

Now now, di oil sector still dey fight politics split between east and west, and sometimes no be small wahala with oil revenue and central bank matter. But di good news be sey, dem don start fresh negotiation to improve contract terms, which go sweet pass di old way wey dey turn away investors before.

Last month, dem signee deal with TotalEnergies and ConocoPhillips wey worth over $20 billion to boost production. This new wave of cooperation go make dem fit increase production to about two million barrels per day from di current output wey dey around 1.4 million. Chief Suleman talk sey dis na big opportunity to show sey Libya serious about di oil sector recovery.

For offshore Area 01, Eni and QatarEnergy don secure rights, and for Offshore Area 07, Repsol, MOL, and Turkey’s TPOC don shine! Even Nigeria dey show face, as Aiteo don collect di M1 licence for Murzuq basin. This na rare sight for African companies wey dey enter Libya’s upstream sector.

As di world dey watch Libya, Suleman don promise say dem go improve working conditions and make sure sey everything dey transparent. Di road no go soft as political issues still dey loom, but at least dem don start to rebuild trust. Dis na fresh era for Libya oil and gas matter reminder sey with correct negotiation, dem fit overcome challenges wey dey ground.

Shout out to di foreign companies wey get mind and dey invest for Libya! Dis one go show sey oil and gas fit still dey bring progress even for place wey dey face political turbulence. Make we dey watch as di story unfolds!