Tripoli— The Libyan National Oil Corporation (NOC) has launched Monday its first public bidding round for oil and gas exploration in 17 years, calling on local and foreign oil companies to cease the opportunity and take part in the bidding round.
Opening the bidding round, which is organized by a committee of experts in the oil sector, NOC’s acting Chairman Masoud Suleiman said the round includes more than 20 exploration blocks, the majority of which are undiscovered and could be hugely profitable for both the investors and the Libyan people.
“NOC is committed to all agreements signed with its partners,” Suleiman said pledging to “create the appropriate conditions for establishing new partnerships based on mutual benefits”.
He added that this round “will enhance Libya’s position among the world’s oil countries and establish new reserves that compensate for the quantities produced previously,” and contribute to the development and rebuilding of the country.
The head of the Government of National Unity (GNU) Abdulhamid Dbeibeh who attended the launching ceremony, said “this bidding round represents a clear message that Libya is ready to open up to international companies within a modern and transparent investment environment,” noting that the GNU has removed the obstacles facing the oil and gas sector in Libya.
He noted that the country has achieved an increase of oil production reaching 1.4 million bpd, and plans to strengthen Libya’s position as a major energy supplier.
Last month, the acting Minister of Oil Khalifa Abdul Sadiq said that Libya needs between three and four billion dollars to reach an oil production rate of 1.6 million barrels per day. Libya has more than 48.36 billion barrels of proven oil, the largest oil reserves in the black continent and the ninth largest in the world.
Meanwhile, the National Accord Block, a group of members of the High Council of State (HCS), expressed what it called a “deep concern” over launching of the public bidding round saying in a statement that it “tantamount to wasting of the state’s oil resources and serious threat to Libya’s energy security”.
It added that the launching of the bidding round violates the House of Representatives’ decision (No. (15) of the year 2023 preventing the dealing in sovereign Libyan resources and wealth. It said it could resort the courts against those involved these actions.
