Libya’s National Oil Corporation (NOC) has officially launched the third phase of its long-awaited public bidding round in London, signalling a bold move to revitalise the country’s oil and gas sector after a 17-year hiatus. The event, held on Monday, brought together senior executives and representatives from leading global energy companies.
Acting NOC Chairman Masoud Suleiman led the launch in the presence of Acting Oil and Gas Minister Khalifa Abdul-Sadiq and Peter Millett, Chairman of the UK-Libya Business Council. In his address, Suleiman emphasised that Libya’s oil sector is undergoing a comprehensive modernisation, with the bidding round forming a key part of that transformation.
He highlighted that the NOC has implemented a range of carefully considered measures to ensure the success of the new licensing phase. The goal is to boost Libya’s oil output and, in turn, stimulate economic growth and recovery. Suleiman also reaffirmed the NOC’s commitment to welcoming foreign investment, strengthening international partnerships, and promoting knowledge exchange.
The bidding round offers 22 exploration blocks—11 offshore and the remainder in Libya’s central and southern regions—marking the country’s return to the global exploration scene. Interested companies were invited to participate in developing promising geological areas with significant untapped potential.
During the event, the NOC’s bidding committee presented a detailed technical briefing on the licensing round. Follow-up sessions focused on legal, regulatory, and technical aspects of investing in Libya’s oil sector.
Libya’s oil exploration activities had stalled for nearly two decades due to political instability and conflict, leading to a gradual depletion of reserves. The NOC’s new strategy, designed by Libyan experts, aims to reverse this trend by promoting sustainable exploration efforts and adapting to the global shift towards alternative energy sources.
