Libya Charts Ambitious Energy Comeback: LEES 2027 to Drive Upstream Growth and Modernization

Libya, a nation historically vital to global energy markets, is poised for a significant re-emergence in the upstream oil and gas sector, signaling its intent to reclaim and expand its production capacity. This ambitious drive will converge at the Libya Energy & Economic Summit (LEES) 2027, scheduled for January 23–25 in Tripoli, where a dedicated Upstream Hub will serve as the strategic nexus for investment, technology, and partnerships.

The day-long Upstream Hub is designed to unite Libya’s Ministry of Oil and Gas and the National Oil Corporation (NOC) with a critical mass of international oil companies, service providers, and investors. The primary objective is clear: to accelerate exploration, boost production, and foster advanced technology deployment across Libya’s vast hydrocarbon resources.

Strategic Licensing Fuels Future Growth

Libya is strategically transitioning from a period of successful licensing rounds to an execution-focused growth cycle. Following its first upstream licensing round in 17 years, which saw 22 exploration blocks offered in 2025/2026 across its most promising onshore and offshore basins, the Ministry and NOC are now concentrating on converting these newly awarded exploration areas into productive assets. Five blocks were successfully awarded to international operators, with production sharing agreements signed in June 2026, marking a pivotal step in attracting foreign investment.

Looking ahead, the remaining acreage is slated to return to the market under revised fiscal terms through the new Exploration and Production Sharing Agreement (EPSA-V) framework. This renewed push culminates in an anticipated second licensing round in late 2026 or early 2027, which will be a central topic at the Upstream Hub’s “Licensing in Focus: 2027 Bid Round Expectations and Exploration Updates” session, offering critical insights into EPSA-V revisions and commercial reforms.

Ambitious Production Targets and Broad Exploration

At the core of Libya’s strategy are ambitious production targets: an immediate increase from approximately 1.4 million barrels per day (bpd) to 1.6 million bpd, with a longer-term vision to reach 2 million bpd. To achieve this, the “Exploration Mandate: Onshore, Offshore and Frontier Basins” session will delve into significant opportunities across the Sirte, Murzuq, and Ghadames basins, as well as promising offshore prospects in the Pelagian Basin and deeper frontier acreage. This expansive exploration mandate underscores the nation’s commitment to unlocking new reserves, complemented by a target of drilling 70 to 100 new exploration and appraisal wells annually.

Embracing Digital Transformation and Innovation

Modernization is a key pillar of Libya’s energy resurgence. The Upstream Hub will host a dedicated session on “AI, Digital Oilfields and Smart Production Technologies,” highlighting the critical role of technological innovation. This includes showcasing advancements such as Sirte Oil Company’s pioneering AI-assisted drilling campaign, powered by SLB technology, alongside the broader deployment of smart field systems, real-time monitoring, cloud analytics, and automated digital measurement solutions across its upstream operations. These initiatives aim to significantly enhance efficiency, optimize production, and reduce operational costs.

Optimizing Existing Assets and Unlocking Unconventional Potential

Beyond new discoveries, Libya is equally focused on maximizing value from its mature fields. The “Fast-Tracking Brownfield Redevelopment and Unconventional Plays” session will explore enhanced oil recovery (EOR) techniques, optimization strategies for existing assets, and the burgeoning potential of unconventional resources, including shale. The active involvement of established international operators and service firms in infrastructure upgrades and shale resource evaluation signifies a strategic shift towards comprehensive asset management and diversification.

Fostering Local Capacity and Sustainable Practices

Crucially, Libya’s long-term energy strategy prioritizes building domestic capabilities and integrating sustainable practices. The “Building the Service Ecosystem for Libya’s Production Growth” session will address local content development, workforce training, technology transfer, and strategic partnerships between international operators and Libyan service companies. Simultaneously, the “Decarbonizing Libya’s Upstream Sector” session will focus on critical environmental considerations, including emissions reduction, digital efficiency, methane management, and the adoption of lower-carbon production practices, signaling a commitment to responsible energy development.

Gas as a Complementary Growth Engine

While oil remains central, the Upstream Hub will also acknowledge the growing importance of natural gas. The “Gas as a Growth Engine” session will explore offshore gas development, strategies for expanding domestic supply, and leveraging Libya’s potential as a regional gas exporter, diversifying its energy portfolio and enhancing its strategic importance.

Ultimately, the Upstream Hub at LEES 2027 positions itself as a pivotal forum, shaping Libya’s next chapter of upstream investment, technological advancement, and sustainable energy growth. It underscores the nation’s resolve to not only restore but significantly enhance its standing in the global energy landscape.