Libya is set to launch its first oil exploration bidding round in nearly 17 years, marking a major step for the country’s energy sector.
Acting Chairman of the National Oil Corporation (NOC) Masoud Suleman announced the plan in a televised address Monday.
As Africa’s second-largest oil producer and a member of the Organization of the Petroleum Exporting Countries (OPEC), Libya plays a significant role in the global oil market. However, foreign investors have been hesitant to engage in the country’s energy sector due to ongoing instability since the 2011 overthrow of longtime ruler Muammar Gaddafi.
Disputes between rival armed factions over oil revenues have frequently led to oilfield shutdowns. In August, Libya lost more than half of its oil production, and exports were halted at several ports. Operations gradually resumed in early October.
The upcoming bidding round represents a pivotal moment for Libya, providing companies an opportunity to explore new oil fields and potentially increase production capacity.