Libya launches largest oil exploration bid round in 17 years with 22 blocks on offer

Libya is set to offer 22 onshore and offshore blocks for oil exploration and development in its largest bidding round since 2007, aiming to boost oil production and attract international energy companies, according to Reuters.

Speaking at an investor event in London, Massoud Suleman, Chairman of Libya’s National Oil Corporation (NOC), said the move is part of the country’s strategy to revive its energy sector.

Libya currently produces around 1.4 million barrels of oil per day—roughly 200,000 barrels short of its pre-civil war peak. The NOC aims to raise production to 2 million barrels per day.

Despite being Africa’s second-largest oil producer, Libya has long struggled to attract foreign investment due to years of political instability and conflicts over control of its oil assets.

Some of Libya’s most promising basins, including Sirte, Murzuq, and Ghadamis, will be available for bidding, Oil Minister Khalifa Abdulsadek said on Monday.

Suleman told Reuters that the new licensing round, launched in early March, has already attracted strong interest from global energy firms.

The NOC plans to use a Production Sharing Agreement (PSA) framework for the new contracts, moving away from the less investor-friendly EPSA IV model used in previous rounds.

The NOC expects to finalize agreements with winning bidders between November 22 and 30.