Chairman of the National Oil Corporation Launches Phase 3 of the Public Bid Round in London
This morning in the British capital, London, the Acting Chairman of the National Oil Corporation (NOC), Engineer Masoud Suleman, officially launched the third phase of the public bid round. The event was attended by a large number of executives and representatives from major international companies operating in the fields of energy, oil, and gas production. Also present were the Acting Minister of Oil, Dr. Khalifa Abdelsadek, and the Chairman of the Libyan British Business Council, Mr. Peter Millett.
In his keynote address, the Chairman emphasized that the Libyan oil sector is undergoing a comprehensive transformation across all its operations and infrastructure. He highlighted that the NOC has implemented a series of carefully considered measures to ensure positive outcomes that align with the aspirations of the Libyan people and the expectations of its strategic partners.
Engineer Masoud stated that the public bid round constitutes a significant step within the broader development strategy of Libya’s oil sector. Its primary objective is to boost national oil production, thereby stimulating economic growth and recovery. He affirmed the NOC’s commitment to opening investment opportunities to international companies, expanding partnerships, and fostering robust cooperation and knowledge exchange. He encouraged interested firms to participate in exploration and drilling activities across promising geographical zones rich in resources.
Members of the NOC’s Bid Committee accompanying the Chairman delivered a comprehensive technical presentation detailing the bid round. This was followed by a series of panel discussions focusing on the legal, regulatory, and technical aspects of licensing investment opportunities in Libya’s oil sector.
It is worth noting that this public bid round marks the first since a 17-year hiatus, during which Libya experienced a significant stagnation in exploration and drilling activities. This lack of progress led to a decline in the country’s oil and gas reserves due to the absence of replenishment efforts.
The NOC is currently implementing a meticulously designed strategy, developed over several years by Libyan experts and specialists, to revive the oil sector and reverse the decline in production levels. This initiative comes at a time when global demand for alternative energy sources is rising, making it imperative to expedite exploration and resource utilization efforts.
Under this bid round, the NOC is offering 22 geographical blocks for exploration and drilling, 11 offshore and the remainder located in adjacent areas across Libya’s southern and central regions.