Libya’s National Oil Corporation (NOC) announced plans to open a new bidding round for oil and gas exploration concessions before the year ends.
The announcement came from NOC Chairman Farhat Bengdara during an industry event held in Cairo on Tuesday.
He highlighted the corporation’s commitment to bolstering its energy sector and inviting international investment.
Libya’s oil production has surged, reaching 1.4 million barrels per day, including condensates, according to Bengdara’s statement. This marks a significant milestone for the nation as it seeks to restore its oil dominance.
The move is seen as a strategic effort to attract global players and unlock untapped resources in Libya’s vast reserves. It also underscores NOC’s vision to strengthen the country’s economy through its oil and gas industry.
Details of the bidding process are expected to be unveiled in the coming weeks, generating anticipation among potential investors.