After a gap of nearly two decades, Libya’s National Oil Corporation (NOC) will commence new bidding rounds for energy exploration projects this year.
The new bidding rounds had been anticipated for some time but were officially confirmed at the Libya Energy & Economic Summit held in January this year.
The new bidding rounds tie into the NOC’s broader strategic plan to increase Libya’s hydrocarbon output in the coming years, particularly with its plans to increase oil production to 2 million barrels per day in the next three to five years.
With 30-40% of Libya still unexplored for hydrocarbons, the 2024 rounds represent a huge opportunity for both national and international energy companies.
In particular, Libya has signalled its keenness to strengthen and increase its energy partnerships with international companies.
As the country seeks to turbo boost exploration and development of its hydrocarbon reserves, it will need to engage the international energy community much more heavily than previously. International energy majors should therefore be strongly encouraged to participate in these new bidding rounds.
While Libya has enjoyed multiple productive partnerships with international energy majors for many years, for the task ahead it will need much more collaboration and involvement with international majors to explore and develop its hydrocarbon potential in efficient and maximised ways.
Our team at Eltumi Partners specialise in energy and infrastructure projects. We track developments in these sectors in order to provide commercial legal support to businesses operating in the sector. Follow our LinkedIn page for ongoing updates and insight.