Libya has initiated its first open licensing sale since 2007, offering 22 acreages for exploration and development.
The available blocks include 11 offshore and 11 onshore sites, with undeveloped discoveries estimated to contain at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources, according to the National Oil Corporation (NOC).
To support the licensing process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools.
Libya is reported to hold approximately 91 BBOE in undiscovered hydrocarbon resources. Interested companies can access critical data instantly via a Virtual Data Room (VDR), where they can review and purchase optional data packages.
This licensing round is particularly significant as the Ministry of Oil & Gas and NOC have introduced a revised Production Sharing Agreement (PSA) model.
The updated framework includes competitive fiscal terms aimed at attracting more investment into Libya’s oil sector.
The offshore blocks, which contain 32 wells and seven discoveries, cover 128,714 square kilometers across three regions.
One block is located in the Sabratha Basin, three in the Sirte Basin, and seven offshore the Cyrenaica platform.
The Cyrenaica region, located in northeastern Libya along the Mediterranean’s southern margin, remains largely underexplored.
The area’s Upper Cretaceous and Tertiary formations are believed to hold promising reservoir and seal rocks. By offering seven acreages in this region, Libya aims to assess the area’s hydrocarbon potential.
The Libyan government is focusing on forming strategic partnerships with European and other international companies under the PSA framework.
Through these collaborations, Libya hopes to ramp up production to 2–3 million barrels of oil equivalent per day (MMBOEPD) within the next four years.
