Libya: NOC’s oil investment plans spark controversy amid concerns over national resources

The Libyan National Oil Corporation (NOC) has announced plans to invite foreign investment into the country’s oil and gas sector, offering 22 onshore and offshore exploration areas in 2025.

This move, the first public bidding round in over 18 years, has raised debates regarding whether it is a genuine attempt to develop the sector or an irresponsible exploitation of the nation’s resources.

The decision has faced significant opposition from both the parliamentary Energy Committee and the High Council of State. The Energy Committee has argued that the initiative is unlawful, as it requires parliamentary approval before proceeding. They have called for further transparency from the NOC, demanding detailed information about the bidding process to ensure that Libya’s interests are properly protected. Meanwhile, the National Consensus Bloc in the High Council of State has condemned the move as a reckless waste of the country’s oil wealth, labelling it a serious threat to Libya’s energy security and accusing the government of violating national laws.

Despite the criticism, Khalifa Abdul Sadiq, Libya’s Minister of Oil and Gas in the Government of National Unity, has defended the decision. He emphasized that it represents the government’s commitment to revitalizing the oil sector and boosting the national economy. He reassured that the bidding process signals Libya’s return to the global oil market with a stable environment and a transparent framework aimed at attracting major international companies to the country.