Libya’s National Oil Corporation (NOC) announced its first oil exploration bidding round in over 17 years, signaling a push to attract foreign investment.
Despite political instability since 2011, Libya remains Africa’s second-largest oil producer.
Past disputes between rival factions have led to production disruptions, deterring some investors.
However, major oil companies like Eni, OMV, BP, and Repsol have recently resumed exploration activities.
A previous production shutdown in August, resulting from a political standoff, caused significant losses.
Nevertheless, Libya has seen a resurgence in oil production, currently exceeding 1.4 million barrels per day.
The country aims to reach 1.6 million barrels per day, requiring substantial investment.
Libya is exempt from OPEC+ output restrictions, presenting a potential opportunity for investors.
The new bidding round reflects Libya’s ambition to revitalize its oil sector despite ongoing challenges.