Nigeria’s Aiteo won the Libyan Murzuq M1 oil block, giving an African company a place in the latest exploration push as foreign companies return to Africa’s largest oil reserve holder.
With crude and condensate output reaching 1.49 million barrels per day (bpd), Libya’s oil production has climbed to its highest level since 2013, a 12-year record, strengthening the country’s position among Africa’s top producers as foreign firms return to a sector built on the continent’s largest proven oil reserves.
Aiteo Nigeria, one of Africa’s largest indigenous, integrated energy conglomerates, was founded in 1999 by pan-African businessman Benedict Peters, the company operates across the entire energy value chain, from exploration and production to bulk petroleum storage, refining, and power generation.
Headquartered in Nigeria, with key locations in Abuja, Port Harcourt, Warri, London, and Geneva, Aiteo won the Murzuq M1 block in the new exploration blocks recently awarded, making it the only African company to participate in Libya’s oil return. The country now approaches its target output of 1.5 million bpd.
Last February, the NOC awarded new oil and gas exploration blocks to foreign companies in its first licensing round since 2007.
The winners included Chevron, Eni, QatarEnergy, Repsol, Türkiye Petrolleri, and Aiteo Nigeria (the only African company) as Libya sought to revive exploration and draw capital back into its upstream sector.
The awards covered five blocks out of about 20 offered across onshore and offshore areas, including acreage in the Sirte and Murzuq basins.
However, petroleum industry watchers said, the limited number of awards showed that investors are still cautious to enter in a Libya country that is almost not far from political instability.
The new oil output surge strengthens Libya’s position among Africa’s top oil producers, highlighting its vast reserves, estimated at 48 billion barrels.
Libya holds Africa’s largest proven crude reserves, estimated at about 48 billion barrels, roughly 41 percent of the continent’s total, according to the U.S. Energy Information Administration.
Africa’s total proven crude reserves are put at approximately 120 to 125 billion barrels, which accounts for roughly 7.5 percent of the world’s total. Over 90 percent of these reserves are concentrated within the member states of the African Petroleum Producers’ Organization (APPO).
The Libyan production boost follows increased efforts by the country’s National Oil Corporation to reposition the petroleum sector, as well as the returning of international oil companies to the war-torn North African nation
Despite ongoing political instability and operational challenges, the country’s petroleum sector has shown resilience, continuing to recover output.
The National Oil Corporation (NOC) said crude oil and condensate output rose to 1,487,723 barrels per day, putting Libya close to its target of 1.5 million barrels per day.
Massoud Sulaiman, chairman of NOC described the production level as a major achievement for Libya’s oil sector and praised workers across fields and production sites for sustaining output despite operational challenges. He also credited technical departments for monitoring operations, removing obstacles and supporting staff at production sites.
The new level places Libya among Africa’s biggest oil producers, alongside Nigeria, Algeria and Angola, strengthening the recovery of a sector that remains central to the country’s economy.
Much of its recoverable oil lies in the Sirte and Murzuq basins, making the country’s production recovery important for domestic revenue, regional supply and global crude markets.
Reports quoting NOC’s chairman Massoud Sulaiman said Libya’s crude production stood at 1,438,560 barrels per day, while condensate output touched 49,163 barrels per day, according to the state oil company.
Data from the U.S. Energy Information Administration indicated that five European countries, including Italy and Spain, took 71 percent of Libya’s crude exports in the first nine months of 2025.
According to Libya Herald, Italy received 13,434,662 tonnes of Libyan crude in 2025, accounting for nearly 25 percent of the country’s total crude imports.
The NOC said it wants to continue raising output before the end of 2026, a target that would increase oil revenue for an economy still heavily dependent on crude exports.
Industry watchers adduced the latest production milestone to the resilience of Libya’s oil sector, in a recovery push more than a decade after the country entered a period of political uncertainty following the death of Muammar Gaddafi in 2011.
Rival administrations, disputes over state institutions and recurring interruptions at oil fields, terminals and refineries, Libya’s oil sector has continued to recover output, attracting renewed interest from international energy firms.
Meanwhile Sulaiman the NOC chairman said they were working to restore refining capacity, saying in May that it aimed to restart the Ras Lanuf refinery, a 220,000 bpd facility within a year after resolving a long-running dispute over the facility.
The refinery has been idle since 2013, with its return considered by energy observers as coming to strengthen Libya’s downstream sector, supporting domestic fuel supply.
