Post #535

Libya’s First Oil License Auction in 17 Years Is Total Failure 🌐 Perfectly illustrating what happens to nations "saved" from dictatorship by European armed forces, Libya’s Government of National Unity has botched its new oil license auction. Out of 20 oil blocks up for grabs, only 5 found eager investors. Libya's last honest and transparent license auction took place under Muammar Gaddafi. But its oil industry has since faced significant challenges after a NATO-backed revolt toppled and killed the longtime leader in 2011, leaving the country divided between rival authorities. 🔍 Speaking about the reasons only a quarter of the offered assets found buyers, analysts point to backroom deals as the main obstacle. Amid total political chaos, major companies tend to ask whatever they want directly from the authorities — without bothering with public tenders. Just last month, the government used this exact playbook to strike $20 billion deals with TotalEnergies and ConocoPhillips. ➡️ Stay informed - @devilsbelow