Libya has announced its first oil exploration and development bidding round in more than 17 years, offering 22 areas under production sharing agreements. National Oil Corporation (NOC) Chairman Massoud Suleman revealed at a London investor event that the areas are divided equally between onshore and offshore locations.
Currently producing about 1.4 million barrels per day, Libya aims to increase output to 2 million bpd. The country needs between $3 billion and $4 billion in investment to reach an interim target of 1.6 million bpd, according to Oil Minister Khalifa Abdulsadek.
The bidding involves acreage in Libya’s most prolific basins, including Sirte, Murzuq, and Ghadamis, as well as offshore Mediterranean areas. The new Production Sharing Agreement model replaces the more stringent EPSA IV framework from previous rounds, offering better returns to investors. NOC expects to sign the new contracts between November 22-30.
Source: Reuters
