Libya’s National Oil Corporation (NOC) has confirmed that more than 37 international oil companies, including US-based Chevron, France’s Total, and Italy’s Eni, have expressed strong interest in the country’s first oil and gas bid round since 2007. The round, scheduled for November, will offer 22 onshore and offshore exploration blocks.
Speaking to Bloomberg, Acting NOC Chairman Masoud Suleiman said the winning companies will bear the full costs of seismic surveys and exploration activities. These expenses can be reimbursed if commercial quantities of oil or gas are discovered, signalling a new approach aimed at attracting international private sector investment.
The move comes as the NOC seeks to boost national oil output to 1.6 million barrels per day within a year, contingent on the approval of a $3 billion development budget. This funding is expected to support national companies such as Akakus, operator of the Sharara field, and development at the North Gallo field, potentially adding 100,000 barrels per day to Waha Oil Company’s production.
Suleiman also revealed that the government has allocated 20 billion Libyan dinars for fuel imports in 2025, but noted this will not fully meet the country’s needs, which average $600 million monthly. Additional funding may be required to bridge the gap.
He confirmed that payments for March and April have been made, while May’s obligations are still being addressed. Libya’s outstanding fuel-related debts reached $1 billion following the termination of its fuel swap system.
Despite holding Africa’s largest oil reserves, Libya continues to rely on fuel imports due to its limited refining capacity. Nonetheless, Suleiman voiced optimism over the return of major energy firms like Repsol, BP, OMV, and Eni, viewing it as a turning point for Libya’s hydrocarbon sector after years of instability.
