Chairman Masoud Suleman Unveils Opportunities for New Partnerships with Global Oil Companies
The Chairman of the National Oil Corporation (NOC), Engineer Masoud Suleman, announced the NOC’s firm intention to establish new and promising partnership frameworks between its subsidiaries and leading international oil companies, aiming to secure substantial mutual benefits for all parties involved.
In a keynote speech delivered during the official launch of the fourth phase of the General Bid Round held Thursday morning in Istanbul, and attended by Acting Minister of Oil and Gas Dr. Khalifa Abdelsadek along with a large gathering of representatives from oil companies across Asia, the Middle East, and Europe, Suleman emphasized that the Libyan oil sector is now open to investment opportunities for energy companies from around the globe without exception.
He noted that the contractual terms have been carefully crafted to ensure an attractive, secure, and beneficial investment environment for all stakeholders. He extended a formal invitation to international companies to actively participate in this new phase by investing in exploration and drilling in the offered blocks, stressing the need for collective action to meet the growing global demand for oil and gas.
Accompanying the Chairman, the NOC’s Tender Committee delivered a detailed presentation outlining the technical aspects of the General Bid Round. The presentation provided a comprehensive overview of the process, including legal, regulatory, and technical frameworks. A subsequent Q&A session allowed for open dialogue, with the Committee addressing inquiries with professionalism and clarity.
It is worth noting that Libya’s General Bid Round had been suspended for over 17 years, during which time the country experienced a significant stagnation in exploration and drilling activities. This contributed to a decline in production levels due to the lack of new wells to replenish depleted reserves. In response, the NOC has developed a precise and scientifically grounded strategy, prepared by Libyan experts and specialists over several years, aimed at revitalizing the sector and reversing the decline in output, especially at a time when global interest in alternative energy sources continues to rise.
As part of this strategic move, the NOC is offering 22 geographic blocks for exploration and drilling as part of the General Bid Round, including 11 offshore blocks and the remaining located in closely situated areas in the southern and central regions of Libya.