Libya has launched its first open licensing round in nearly two decades, offering 22 blocks for oil and gas exploration and development.
The National Oil Corporation (NOC) is making available 11 offshore and 11 onshore acreages, with estimated undeveloped discoveries containing at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources.
To streamline the bidding process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools.
Libya is estimated to hold around 91 BBOE in undiscovered hydrocarbon reserves. Interested companies can instantly access key data through a Virtual Data Room (VDR), with optional data packages available for purchase.
This bid round introduces a revised Production Sharing Agreement (PSA) model with competitive fiscal terms aimed at attracting foreign investment.
The offshore blocks cover 128,714 square kilometers across three regions, containing 32 wells and seven discoveries. They include:
- One block in the Sabratha Basin
- Three blocks in the Sirte Basin
- Seven blocks offshore the Cyrenaica platform
The Cyrenaica region, located in northeastern Libya along the Mediterranean’s southern margin, remains largely underexplored.
Its Upper Cretaceous and Tertiary formations are believed to contain promising reservoir and seal rocks, making it a key area for future hydrocarbon development.
Libya’s government is prioritizing strategic partnerships with European and other international companies under the PSA framework.
Through these collaborations, Libya aims to boost production to 2–3 million barrels of oil equivalent per day (MMBOEPD) within the next four years, reinforcing its role as a major player in the global energy market.
