Libya unveils first exploration bid round in 17 years

TRIPOLI, March 3, 2025 – Libya is preparing to launch its first bidding round for oil exploration in more than 17 years, acting chairman of the state-run National Oil Corporation (NOC) Masoud Suleman announced in a televised address on Monday.

“This marks a significant step in Libya’s efforts to expand its hydrocarbons sector and attract foreign investment,” Suleman said.

 

In August of last year, Libya lost more than half of its oil production – about 700,000 bopd – and saw exports halted at several ports due to a political standoff. Production gradually resumed in October.

Despite recent challenges, IOCs including Eni, OMV, BP and Repsol restarted exploration activities in Libya last year after a decade-long hiatus. In 2023, Eni signed an USD 8-billion gas production deal with NOC.

In January, acting oil minister Khalifa Abdulsadek said Libya needed USD 3 billion-4 billion to increase output to 1.6 million bopd. Current production stands at over 1.4 million barrels per day, still short of its pre-civil war peak by about 200,000 bopd, according to NOC.

Libya remains exempt from OPEC+ agreements to limit output. Details on the bidding round, including dates and participation terms, are yet to be announced.