Libya’s state-owned oil company the National Oil Corporation (NOC) is preparing to launch a tender aimed at mobilizing private sector investment in oil production and development.
Targeted towards domestic private players in Libya, the move marks the first time in the country’s history that Libyan companies have been invited to invest in the production segment of the value chain. The tender falls under efforts by the NOC to stimulate new investment, “increasing oil production and developing small oilfields,” the NOC explained in a statement.
Now, private players have the opportunity to submit investment proposals, which, pending technical evaluation, will be sent to the NOC for approval.
Historically, Libya’s oil sector has been largely dominated by international energy corporations, with domestic players only participating in the oil services and logistics industries, including drilling and transportation.
The tender will not only diversify the production industry but bolster economic growth through private capital and participation.
