The National Oil Corporation announces from Istanbul the launch of the fourth phase of the public bidding round.

Istanbul, April 17, 2025 (LANA) - The National Oil Corporation (NOC) announced today, Thursday, the launch of the fourth round of public bidding for exploration and drilling in a number of onshore and offshore blocks within Libya.

The announcement was made during an official ceremony held in Istanbul, Turkey, in the presence of NOC Chairman Masoud Sulaiman, Acting Minister of Oil and Gas Khalifa Abdul Sadiq, and a large gathering of representatives of oil and energy companies from various countries in Asia, the Middle East, and Europe.

This announcement comes within the framework of the NOC's strategy to revive the Libyan oil sector and open new horizons for foreign investment after public bidding rounds were suspended for more than 17 years due to the political and security conditions experienced by the country.

In his speech at the launch ceremony, Engineer Masoud Sulaiman emphasized that NOC is actively seeking to build strategic partnerships with major international companies, calling on these companies to enter into direct investments in the field of exploration and drilling in Libya.

He explained that the corporation has offered 22 geographic blocks for exploration, including 11 offshore blocks, while the rest are distributed in adjacent areas in southern and central Libya. He emphasized that the contract terms were carefully designed to provide a safe, balanced, and transparent investment climate that serves the interests of both parties.

Suleiman added that this round represents a historic opportunity for companies seeking to expand into new, resource-rich markets at a time when the world is witnessing increasing demand for conventional energy, particularly oil and gas, making Libya an exceptionally attractive destination in this context.

The corporation's tender committee team presented a detailed technical presentation that included a thorough explanation of the blocks on offer, the required technical standards, and the legal and regulatory aspects of the tender.

The floor was also opened for discussion, with team members answering various questions clearly and professionally, helping to boost investor confidence.

It is worth noting that the exploration and drilling sector in Libya has remained stagnant for many years, resulting in declining production and a lack of new drilling projects.

Through this round, the National Oil Corporation seeks to revitalize this vital sector, compensate for losses, and stimulate economic growth through energy resources.

At the conclusion of the launch ceremony, the National Oil Corporation renewed its invitation to all qualified companies wishing to invest to review the tender details and apply according to the announced terms. The Corporation affirmed its full commitment to providing the necessary support and facilities to ensure the success of this round and achieve international partnerships based on trust and mutual benefit.

...(LANA)...