Tripoli: The National Oil Corporation (NOC) announced today the launch of the fourth round of public bidding for exploration and drilling in a number of onshore and offshore blocks within Libya. The announcement was made during an official ceremony held in Istanbul, Turkey, in the presence of NOC Chairman Masoud Sulaiman, Acting Minister of Oil and Gas Khalifa Abdul Sadiq, and representatives of oil and energy companies from countries in Asia, the Middle East, and Europe.
According to Libyan News Agency, this announcement is part of the NOC’s strategy to revive the Libyan oil sector and open new opportunities for foreign investment. Public bidding rounds had been suspended for over 17 years due to the political and security conditions in the country. During the ceremony, Engineer Masoud Sulaiman emphasized NOC’s efforts to build strategic partnerships with major international companies, urging them to consider direct investments in Libya’s exploration and drilling fields.
He detailed that the corporation has offered 22 geographic blocks for exploration, including 11 offshore blocks, with the remainder located in southern and central Libya. The contract terms have been designed to ensure a safe, balanced, and transparent investment environment for all parties involved. Sulaiman highlighted the round as a historic opportunity for companies looking to expand into resource-rich markets amidst growing global demand for conventional energy.
The corporation’s tender committee provided a technical presentation explaining the available blocks, technical standards, and legal aspects of the tender. A discussion session followed, allowing team members to address questions and boost investor confidence. The exploration and drilling sector in Libya has been stagnant for many years, leading to declining production and a lack of new projects. Through this bidding round, the National Oil Corporation aims to revitalize the sector, compensate for past losses, and stimulate economic growth through its energy resources.
At the ceremony’s conclusion, the National Oil Corporation invited qualified companies to review the tender details and apply according to the announced terms. The Corporation assured its commitment to providing the necessary support and facilities to ensure the round’s success and foster international partnerships based on trust and mutual benefit.