Nigerian Energy Firm Aiteo Secures Block M1 Exploration Rights in Libya’s Murzuq Basin

NOC Chairman Masoud Suleiman meets with Aiteo representatives to finalize Block M1 exploration. The Nigerian firm prepares to launch seismic surveys and drilling.

By: AXL Media

Published: Apr 23, 2026, 5:27 AM EDT

Source: Information for this report was sourced from Libya Herald

Strategic Entry into the Murzuq Basin

The National Oil Corporation of Libya has officially advanced its partnership with the Nigerian energy giant Aiteo following the company’s successful acquisition of Block M1. During a high level meeting held in Tripoli, NOC Chairman Masoud Suleiman reviewed the preliminary exploration framework for the Murzuq Basin site. This development follows a competitive public bidding round aimed at revitalizing Libya’s upstream sector through international expertise. Aiteo’s entry into the Libyan market signifies a growing trend of intra African cooperation within the energy industry, as the firm prepares to deploy significant technical resources to one of North Africa’s most promising oil provinces.

Comprehensive Exploration and Drilling Mandate

The technical discussions between Suleiman and Aiteo representatives focused on an aggressive work program designed to maximize the potential of Block M1. The agreed upon schedule includes the execution of extensive seismic surveys to map subsurface structures more accurately. Furthermore, the Nigerian firm has committed to a drilling campaign that involves sinking several new exploration wells while simultaneously evaluating and developing existing discoveries within the block. This multi faceted approach is intended to accelerate the transition from pure exploration to active production, supporting Libya's broader goal of increasing its national daily output.

Regulatory Compliance and Corporate Localization

In preparation for long term operations, Aiteo has initiated the necessary administrative steps to formalize its presence within the Libyan jurisdiction. Chairman Suleiman confirmed that the company is currently in the process of establishing a dedicated branch office and completing its registration with the Libyan Ministry of Economy. This move is a mandatory precursor to the final signing of the production sharing agreement with the NOC. By localizing its operations, Aiteo is demonstrating a full commitment to the agreed upon work program and the regulatory requirements of the Libyan state, ensuring a stable foundation for its upcoming field activities.