Libya to launch first oil exploration bidding round in over 17 years
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Libya is set to resume oil exploration activities after a 17-year hiatus, with the country’s National Oil Corporation (NOC) announcing its first bidding round for oil exploration on Monday.
The announcement was delivered by Masoud Suleman, the acting Chairman of the NOC, during a televised address, signaling a significant step forward for the nation’s energy sector.
As Africa’s second-largest oil producer and a key member of the Organization of the Petroleum Exporting Countries (OPEC), Libya holds a prominent position in the global oil market. The upcoming bidding round represents a critical opportunity for the country to attract investment from oil companies, explore new oil fields, and potentially boost its production capacity.
The NOC, led by Suleman, will oversee the bidding process, marking a pivotal moment for Libya’s economy after years of limited exploration activity. While specific details, including the date and participation terms, have yet to be disclosed, the move is expected to draw significant interest from international energy firms.
Further updates on the bidding round are anticipated as Libya prepares to reassert its role in the global petroleum industry. (ILKHA)
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