Libya Nears Final Stage of First Oil & Gas Bid Round in 17 Years

A crucial development is underway in North Africa's energy sector. Libya's National Oil Corporation (NOC) is approaching the final stage of its first public exploration bid round in over 17 years, signalling a significant effort to secure its economic future and boost production.

Source: National Oil Corporation (NOC)

This is a key moment for investors and industry professionals:

1. Historic Scope and Timeline:

• The Bid Round: This is the first public exploration bid round since 2007.

• Final Stage:  open bids in February 2026.

2. Extensive Acreage on Offer: The round covers 22 areas for oil exploration and development, strategically divided between mature and unexplored regions:

• 11 Offshore blocks

• 11 Onshore blocks

3. Strategic National Goal: As Africa's second-largest oil producer and an OPEC member, the NOC's goal is explicit: to boost Libya's crude oil and gas reserves, support higher production, and provide long-term economic security for the country.

4. Navigating Political Risk: This initiative is a critical step toward attracting foreign investment. A successful round will indicate growing confidence in the NOC's ability to stabilise the sector despite ongoing political complexities.

This bid round, announced on March 3 2025, is the most critical signal that Libya is opening its upstream sector for a new era of growth.

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