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NOC launches the 3rd phase of its public bidding round in London.

Pulbished on:

London, 8 April 2025 (Lana) The acting chairman of the National Oil Corporation (NOC), Engineer Masoud Sulaiman, launched the 3rd phase of the public bidding round in London and was attended by a large gathering of managers and representatives of major international companies operating in the energy, oil, and gas production sectors.

In his remark, Masoud emphasized that the Libyan oil sector is undergoing a comprehensive development process across all its facilities and areas of operation and that the corporation has carefully implemented a series of measures to ensure positive results that achieve the goals anticipated by Libyans and strategic partners.

Masoud stated that the public bidding round is an important part of the development phases in the Libyan oil sector, seeking to increase Libya's oil production, advance  the economy, and achieve recovery, highlighting the corporation's determination to open the door to investment opportunities for international companies, expand partnerships, and build strong bridges for cooperation and exchange of expertise, calling on interested companies to engage in exploration and drilling in promising geographic areas.

Members of the NOC's Bidding Committee presented a detailed presentation of the public bidding round, including a full technical description. as well as held discussion sessions addressing the legal, regulatory, and technical aspects of granting investment licenses in the Libyan oil sector.

It’s noteworthy that the public bidding round has been suspended for more than 17 years, during which Libya witnessed a state of stagnation in exploration and drilling, which contributed to the decline in oil and gas reserves due to the cessation of activity that supported the replacement of depleted reserves during these years.

The corporation is offering 22 geographic blocks for public bidding to international companies for exploration and drilling, 11 of which are offshore, while the others are located in close proximity in the south and center of the country.

=Lana=