Libya Launches First Round of Oil Exploration After 17 Years

(3 Minutes Read)

The announcement, made during an investment event in London, marks a significant step by the National Oil Corporation (NOC) to revive production and attract international investors after years of political instability and conflict.

Libya has launched its first round of oil and gas exploration bids in over 17 years, offering 22 new blocks for development across both onshore and offshore areas.

The announcement, made during an investment event in London, marks a significant step by the National Oil Corporation (NOC) to revive production and attract international investors after years of political instability and conflict.

NOC Chairman Masoud Suleiman said the blocks — located in high-potential basins such as Sirte, Murzuq and Ghadames, along with areas in the Mediterranean — have already drawn considerable interest from global energy firms since being unveiled in March.

Libya, a member of OPEC, is currently producing around 1.4 million barrels per day, down from a pre-2011 peak of 1.6 million. The government hopes this new round of bidding will help restore its output to previous levels.

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The contracts will be awarded under production sharing agreements (PSAs), offering more favourable terms for investors than earlier models, according to Khalifa Abdel Sadiq, Oil and Gas Minister in the Tripoli-based Government of National Unity.