**Libya Invites Foreign Investors to Rebuild Oil Sector** In a move aimed at revitalizing its oil industry, Libya has started issuing new exploration licenses to foreign companies. This development is significant, as it marks the first time the country has done so since 2007. Winners of these licenses include major players such as Chevron and Aiteo, a Nigerian energy company. The new licenses were awarded to five of the 20 blocks made available, with major consortiums like Repsol and Eni North Africa also securing a spot. While this development is a step in the right direction, experts warn that the response was smaller than expected due to lingering concerns over Libya's political stability and security. Libya's oil sector has faced significant challenges, including disputes over the central bank and oil revenues, which often disrupt production at major oil fields. The country's political divisions between rival administrations in the east and west have also created uncertainty for investors. To address these concerns, Libya has introduced a new, more investor-friendly contract model. This new model is aimed at encouraging foreign investment, which is crucial for Libya's economic growth. Prime Minister Abdelhamid Dbeibah has set ambitious targets, with a goal of increasing daily oil production by 850,000 barrels within 25 years. This would bring production levels up from the current 1.4 million barrels per day. The National Oil Corporation (NOC) has expressed optimism about the new licenses, with CEO Masoud Suleman stating that this marks a "return of trust and resuming institutional work in one of the country's most important sectors after a long period of pause and challenges." The NOC plans to create a committee to further improve the bidding system and negotiate with candidates for unallocated blocks. This move is seen as a positive step towards rebuilding Libya's oil sector, which has been plagued by years of conflict and instability. With foreign investment, the country hopes to achieve economic growth and normalcy, which would be a welcome development for the people of Libya.