Libya hosted a high-level promotional forum in Istanbul to attract international investors to its latest bid round for oil and gas exploration and production.
The event showcased 22 blocks—11 onshore and 11 offshore—covering a vast area of 235,267 km².
The Istanbul roadshow follows similar investor engagement events held earlier in Houston and London, after the official launch of the bid round on March 3.
Libya is offering the blocks under improved Production Sharing Agreements (PSAs), in what marks the country’s first licensing round in 17 years.
The blocks are estimated to contain 1.63 billion barrels of oil equivalent in discovered reserves. Bidding is scheduled to open on November 15, with contracts expected to be signed between November 22 and 30.
Speaking at the forum, Libya’s Minister of Oil and Gas, Khalifa Abdulsadek, invited investors to explore key basins including Sirte, Ghadames, and Murzuq, with Kufra identified as a promising option for future exploration.
He emphasized Libya’s growing political and economic stability and called on foreign companies to resume and expand exploration activities in the country.
“This round offers enhanced terms to foster confidence and attract global players,” Minister Abdulsadek said. “We invite our international partners to be part of Libya’s energy future.”
Also addressing the event, National Oil Corporation (NOC) Chairman Masoud Suleman underlined the strategic partnership between Libya and Türkiye, strengthened through energy agreements signed in 2019 and 2022.
He noted that the 22 sites offer flexible, investor-friendly conditions and highlighted the mutual benefits of increased cooperation in energy development.
Suleman stressed the importance of knowledge-sharing and collaborative efforts to meet global energy demands.
Libya currently produces approximately 1.4 million barrels of oil per day and aims to boost output to 2 million barrels per day within the next three years.
