Libya reopens oil exploration to international companies after nearly 20 years
- Jason Davis
- Jul 4
- 1 min read
After many years of strife, the nation of Libya has taken a step into the global economy.
They have stated that they are open to inviting international companies to explore their oil reserves. To obtain permission to drill, these companies must obtain licenses from the Libyan government.
Libya is a country with large oil reserves, but it lacks both the necessary infrastructure and the financial resources to fully capitalize on them. Large energy corporations, such as Exxon and Chevron, have the financial resources and will be able to build the necessary infrastructure to utilize their oil reserves. While Libya will not gain as much as it would if it were nationalized, the assistance of the large energy companies gives Libya a significant head start in that regard.
Previously, the collapse of the Gaddafi regime, along with the resulting civil war, has made Libya struggle to improve its standing. Libya has never fully recovered from the collapse, so this gives them the opportunity they need to develop further.
