TRIPOLI, March 4 (NNN-XINHUA) — Libya launched a new public bidding round for oil and gas exploration for the first time in 17 years, Acting Chairman of the state-owned Libyan National Oil Corporation Masoud Sulaiman announced on Monday.
This round of bidding, which includes more than 24 zones, will enhance Libya’s position among the world’s oil countries, and help achieve the goal of reaching oil production of 2 million barrels per day (bpd), Sulaiman said during the bidding launch ceremony. “We called on oil companies in the world to participate in this round to invest in Libya.”
Libyan Prime Minister Abdul-Hamed Dbeibah said, “This is a clear message that Libya has returned to being a main front for oil and gas investment, within a modern and transparent investment environment that reflects the stability of the country.”
Oil and Gas Minister Khalifa Abdul Sadiq stressed the government’s keenness towards the new bidding round.
“This round is … a clear sign that Libya has strongly returned to the international arena. This round does not just reflect our desire to attract investment, but also our keenness to create long-term strategic partnerships that contribute to continued production and energy infrastructure,” Abdul Sadiq said.
Libya is among Africa’s largest oil producers and a member of the Organization of the Petroleum Exporting Countries. However, it has been repeatedly disrupted by conflicts and political turmoil since the fall of its late leader Muammar Gaddafi in 2011.
In 2010, Libya’s average oil production was around 1.8 million bpd. In 2023, it was around 1.27 million bpd. — NNN-XINHUA
