KEY POINTS

• Aiteo has won a rare oil exploration license in Libya’s Murzuq Basin during the country’s first bid round since 2007.

• The award places Benedict Peters’ company alongside global majors like Chevron and Eni, signaling rising confidence in African energy firms.

• Libya is using new investor-friendly contracts and partnerships to boost production and rebuild its oil sector after years of conflict.

Aiteo, one of Africa’s largest privately owned energy companies controlled by Nigerian billionaire Benedict Peters, has secured a rare exploration license in Libya, marking a major milestone both for the firm and for African participation in global upstream oil ventures.

The license was awarded as part of Libya’s first oil bid round since 2007, signaling a cautious reopening of the country’s energy sector to international investors after years of conflict and production instability.

Libya’s National Oil Corporation (NOC) offered 20 blocks in the round but awarded only five, underscoring the competitive nature of the process.

Alongside Aiteo, successful bidders included global heavyweights such as Chevron and multinational consortia involving Eni, QatarEnergy, Repsol, MOL Group, and Turkiye Petrolleri.

Billionaires Africa reports that Aiteo secured acreage in the Murzuq Basin, a prolific onshore oil region in southwest Libya known for strong geological potential but also for operational challenges tied to insecurity and infrastructure disruptions. By entering this basin, Aiteo positions itself among a select group of operators trusted to navigate one of Africa’s most complex oil environments.

The award is particularly significant because Libya’s upstream sector has historically been dominated by supermajors and state-backed corporations.

Aiteo’s inclusion signals growing confidence in African independents and highlights the company’s evolution into a continental energy force capable of competing on a global stage.

Libya’s Bid Round Marks Investor Reset

Libyan authorities framed the licensing round as a turning point aimed at restoring investor confidence after the 2011 uprising that toppled Muammar Gaddafi and plunged the country into years of instability. The nation remains politically divided between rival administrations, while disputes over oil revenues and central bank control have repeatedly disrupted production.

To attract investors, the NOC introduced a new, more flexible contract model designed to replace earlier terms widely viewed as discouraging capital investment. Acting NOC chairman Masoud Suleman described the bid round as evidence of renewed trust in Libya’s oil sector and part of a broader push to rebuild institutional credibility.

The licensing awards come shortly after Libya announced a major upstream investment deal involving TotalEnergies and ConocoPhillips. The agreement is part of a long-term plan to modernize infrastructure and increase production capacity.

Prime Minister Abdelhamid Dbeibah has outlined an ambitious target: raising Libya’s oil output by 850,000 barrels per day over the next 25 years, from current production levels of roughly 1.4 million barrels per day. Officials also indicated that additional blocks could still be awarded if negotiations with unsuccessful bidders lead to improved work commitments and terms.

Aiteo’s entry into Libya will be closely watched across both Tripoli and African energy markets. Beyond the commercial implications, the development carries symbolic weight, demonstrating that African-owned companies can secure strategic assets traditionally dominated by Western majors. If Aiteo successfully develops its block under Libya’s demanding operating conditions, it could redefine perceptions of African independents in global energy exploration.