Libya launches first public tender for oil & gas exploration, the first in seventeen Years

Libya has officially announced on March 4 its first public tender for oil and gas exploration in 17 years, marking a significant step in revitalizing the country’s energy sector.

The announcement was made during a high-profile ceremony in Tripoli, attended by key officials including Acting Chairman of the National Oil Corporation (NOC), Masoud Suleiman Mousa, and Libyan Prime Minister, Abdel Hamid Dbeiba.

The acting Minister of Oil and Gas, Khalifa Abdul Sadiq, highlighted that over two-thirds of Libya’s territory remains unexplored, offering vast potential for the discovery of oil and gas resources.

NOC acting chairman emphasized that the exploration of new areas would not only increase oil and gas production but also play a crucial role in regional development. He pointed out that the process would generate new job opportunities for Libyan youth, stimulate the private sector, and provide essential services for exploration and drilling activities. These efforts are expected to boost Libya’s national income and bring long-term economic benefits to the country’s underserved regions.

The launch of the tender round is seen as a strategic move to attract international oil companies back to Libya, thereby strengthening the country’s position within the global oil industry.