Libya's potential goes unrealised

Disappointing results in its bidding round are a reality check for Libya, and global exploration generally

Libya’s first exploration auction for 18 years has ended not with a bang but with a whimper, with most blocks unclaimed. Just five of 22 exploration sites have been taken up by IOCs, amid questions over political stability and poor potential. The result has dented Libya’s ambition of raising oil production from 1.4m b/d to 2m b/d by 2028. Libya announced the auction last year in a blaze of publicity, holding roadshows around the world. But as the process wore on, enthusiasm waned and the round came to resemble a matryoshka doll, with each stage smaller than the last. The London end of the roadshow was a standing-room-only event in a hotel conference hall, with the top brass of Libya’s Nation