Libya and Tunisia launch joint oil and gas exploration bid

Libya and Tunisia have launched a major joint bidding round for oil and gas exploration in the Gabès-Tripoli basin. The initiative aims to leverage shared sedimentary reserves to enhance regional energy security and reduce hydrocarbon import dependence. The basin is estimated to hold over 1.6 billion barrels of oil and 3.1 trillion cubic feet of natural gas across five sites, including the Hadaf and Siraj West reservoirs.

The offshore tender process is scheduled to open on September 7, with a closing date of December 31, 2026. International oil companies must submit proposals by January 8, 2027, with official results expected in April 2027.

Concurrently, Libya is positioning itself as a critical player in global energy markets due to potential supply disruptions in the Gulf. While Libyan production reached 1.44 million barrels per day in June, the country faces internal volatility, including drone attacks on the Al Zawiya oil complex and political pressure on the Central Bank of Libya. Despite these risks, US interest remains high, with Chevron and ExxonMobil securing contracts in the country's energy sector.