Libya to Relaunch Oil Exploration Bidding After 17 Years

After nearly 17 years, Libya is set to reopen bidding for oil exploration, marking a significant step in revitalizing its energy sector. The announcement was made on Monday in a televised address by Masoud Suleman, the acting Chairman of the National Oil Corporation (NOC).

As Africa’s second-largest oil producer and a key OPEC member, Libya holds a strategic position in the global oil market. However, years of political instability and conflicts between armed factions have deterred foreign investment and led to repeated oilfield shutdowns.

In August, Libya lost more than half of its oil production, with exports suspended at several key ports for over a month. Operations only began recovering in early October.

This upcoming bidding round is a crucial opportunity for international companies to explore new oil fields, potentially boosting Libya’s production capacity and strengthening its position in the global energy sector.