Libya to hold first oil exploration bidding round in 17 years

After a pause of almost 17 years, Libya is preparing to host a bidding round for oil exploration.

The announcement was made in a televised address on Monday by the acting Chairman of the National Oil Corporation (NOC), Masoud Suleman.

As Africa’s second-largest oil producer, Libya is a significant player in the global oil market and is also a member of the Organization of the Petroleum Exporting Countries (OPEC).

Foreign investors, however, have been wary of putting money into the country, which has been in a state of chaos since the overthrow of long-time ruler Muammar Gaddafi in 2011.

Disputes between armed rival factions over oil revenues have often led to oilfield shutdowns.

In August, Libya lost more than half of its oil production and exports were halted at several ports. They lasted for over a month with production gradually resuming from early October.

This new bidding round marks a pivotal moment for Libya, given its long break from exploration activities.

It will give companies the opportunity to explore new oil fields, potentially increasing the country’s production capacity.