The mission will mark Australia's re-entry into Libya, which is considered a gateway to the North African market, since Canberra and Tripoli agreed earlier this year to resume diplomatic relations.

Companies such as Woodside and Santos will join Mr Vaile in efforts to expand trade with oil-rich Libya beyond the $35 million worth of business carried out last year, and an additional estimated $50 million through third countries like Egypt.

Libya, which had been until recently the subject of United Nation sanctions over the Lockerbie air disaster, is seen by many as an important market for oil and gas services with companies such as Woodside having the advantage of being a "stand-alone" Australia company.