U.S. and European oil and gas majors are returning to Libya after a decade due to improved security. Libya’s first bid round for oil and gas exploration in 18 years has attracted interest from major companies. The country remains divided, with Tripoli and Haftar’s forces vying for control.

Exxon, Chevron, and European majors have signed deals to explore Libya’s substantial untapped resources. The country offers 22 blocks for exploration, aiming to boost production to 2 million bpd. New fiscal conditions make production sharing agreements more attractive for international bidders, enhancing investment prospects.

Libya has seen a resurgence in foreign oil companies’ interest, with BP and Eni recently resuming operations. Major companies like BP, Shell, and Exxon have signed agreements for exploration and production, aiming to capitalize on Libya’s vast oil potential. Chevron is also considering opportunities in the country.

Libya is seeking to strengthen its strategic partnership with the U.S. by presenting itself as an alternative to Russian oil. Libyan officials are working to address challenges with Haftar’s control over critical reserves. The return of Big Oil to Libya signals confidence in the country’s potential for economic revival.

Read more at Yahoo Finance: Libya Reopens Its Oil Patch and Big Oil Shows Up