London: The acting chairman of the National Oil Corporation (NOC), Engineer Masoud Sulaiman, has launched the 3rd phase of the public bidding round in London, attended by a large gathering of managers and representatives from major international companies in the energy, oil, and gas sectors.
According to Libyan News Agency, Masoud highlighted that the Libyan oil sector is undergoing a development process across all its facilities and operational areas. He noted that the corporation has implemented measures to ensure positive results, aiming to meet the goals anticipated by Libyans and strategic partners. The public bidding round is a crucial part of the development phases for the Libyan oil sector, with a focus on increasing oil production, advancing the economy, and achieving recovery. Masoud emphasized the corporation’s determination to open investment opportunities for international companies, expand partnerships, and foster cooperation and exchange of expertise. He called on interested companies to engage in exploration and drilling in promising geographic areas.
Members of the NOC’s Bidding Committee provided a detailed presentation of the public bidding round, including a full technical description. They also held discussion sessions addressing the legal, regulatory, and technical aspects of granting investment licenses in the Libyan oil sector. The public bidding round had been suspended for more than 17 years, during which Libya experienced stagnation in exploration and drilling. This contributed to a decline in oil and gas reserves due to the cessation of activities that supported the replacement of depleted reserves during these years.
The corporation is offering 22 geographic blocks for public bidding to international companies for exploration and drilling, with 11 offshore blocks and others located in the southern and central parts of the country.