For the first time since 2007, Libya has launched a major open licensing round, offering 22 oil and gas acreages for exploration and development. This includes 11 offshore and 11 onshore blocks, with some sites containing an estimated 2 billion barrels of oil equivalent (BBOE) in untapped hydrocarbon resources, according to Libya’s National Oil Corporation (NOC).
To support the bidding process, the NOC has compiled geological and geophysical datasets using the latest digital tools. Companies participating in the round will have instant access to principal and optional datasets through a Virtual Data Room (VDR).
The offshore blocks—which host 32 wells, including seven discoveries—span 128,714 square kilometers across three key areas:
- Sabratha Basin – 1 block
- Sirte Basin – 3 blocks
- Cyrenaica Platform – 7 blocks
The Cyrenaica Platform, located in northeastern Libya, is believed to contain multiple reservoir and seal rock formations from the Upper Cretaceous and Tertiary periods, though it remains largely underexplored. The Libyan government aims to assess this region’s potential by awarding seven offshore acreages.
Libya is targeting European and international energy firms to establish strategic partnerships under its new Production Sharing Agreement (PSA) model, which features attractive fiscal terms to stimulate investment. The country aims to boost production to 2–3 million barrels of oil equivalent per day (MMBOEPD) within four years.
Source: Africa Oil & Gas Report
