The American news agency Bloomberg reported on Thursday that, for the first time in nearly two decades, Libya is reopening its oil sector to foreign investors. Libya is not the only country in the region to do so: Algeria granted its first oil licenses in a decade last year and plans to conduct another licensing round later this year, while Egypt and Tunisia are also seeking to attract foreign companies.
Bloomberg added that Algeria and Libya are oil giants in Africa, with North Africa holding more than 50% of the continent’s oil reserves, which is drawing major oil companies at a time when these firms are seeking access to oil barrels, according to the agency.
