To promote Libya as a key investment jurisdiction for international oil companies (“IOCs”), the Libyan National Oil Corporation (“NOC”) is conducting a series of roadshows in Tripoli, Houston and London.

As discussed in our recent article, Libya has announced its first international licensing round in over 15 years.

Tarek Eltumi, founding partner of Eltumi Partners, recently attended the roadshow in Houston and presented at the ‘Unlocking Libya’s Exploration and Investment Potential’ Forum, hosted by the Bilateral Chamber of Commerce, on 12 March. The Forum brought together industry leaders, investors and policymakers for critical discussions on Libya’s evolving energy landscape and the new EPSA Bid Round.

Key Takeaways from Houston

The NOC Bid Round Team and H.E. Khalifa Rajab Abdulsadek provided a comprehensive presentation outlining the new fiscal terms offered in Libya’s first upstream auction in over 15 years. We now have additional information about the process for IOCs to qualify to take part in the bidding and the criteria by which the NOC will select winning bids.

Four Areas of Qualification Requirements

  • Corporate and legal requirements: Commercial Registration information and Articles of association or relevant Company Constitutional documents.
  • Technical requirements (legal documentation must be submitted to demonstrate compliance with these technical requirements):
    – IOC’s share [rights] of recoverable proved reserves (developed and undeveloped) must be at least 250 billion barrel of oil equivalent (MMBOE)
    – IOC’s share of daily production must be at least 25 thousand barrels of BOE
    -IOC must have technical and financial capabilities to undertake cooperations, as demonstrated by worldwide field development onshore and deepwater offshore
  • Financial requirements: Commercial Registration information and Articles of association or relevant Company Constitutional documents.
    – Audited financial statements of accounts for the last 3 years
    – Annual activities report for the last 2 years
    – Certified report showing legal obligations as of the end of 2024
  • QHSE (quality, health, and safety environment) requirements:
    – Increasing minimum exploration programme and shortening the submission period of the final development programme (for marginal discoveries included in the block)
    – Decreasing the maximum contractor’s share of profit oil

The NOC will assign points in relation to these criteria and award bids to those with the most points.

How to Apply as a Consortium
The NOC also elaborated on the process for Consortiums:

  • E&P companies with financial capabilities qualification may apply as investors and join a consortium with a fully qualified operator
  • The consortium leader, which must be an operator, must submit all qualification documents

Key Dates

  • 04/03/2025 – 21/04/2025: submission of application documentation to qualify
  • 08/05/2025: The NOC will award qualifications by listing those who have qualified on the NOC website. Qualified IOCs will sign a Letter of Understanding and Confidentiality before gaining access to the data room.
  • 20/05/2025 – 14/08/2025: requests permitted for changes or clarifications to the EPSA provisions.

IOCs – Time to Act on Libya Bid Round

Given the tight schedule, IOCs who wish to enter the bidding process should be processing their qualification documentation and submitting by the above deadlines. The timeframes involved mean IOC’s will need to be ready to comprehensively and quickly assess the opportunities from technical, commercial and legal perspectives. IOC’s can consider taking preparatory steps such as completing legal due diligence of energy sector laws and regulations and assessing the proposed new EPSA contract, as well as the registration of a local presence. We are available to discuss these issues and more with interested bidders.

Why partner with us on your EPSAs in Libya?

We provide commercial legal and strategic advice across international energy and infrastructure projects. Combining proven experience, top-tier ability and relentless drive, we are Libyan market specialists – navigating the complex legal landscape to connect markets that intersect in and around Libya.

Our lawyers are energy experts who are regularly sought to advise major international energy companies on contentious and non-contentious matters regarding investment, growth and divestment from upstream interests, as well as the development and financing of midstream and downstream projects. Our lawyers have acted on some of the most high profile matters in Libya in past 25 years, and regularly advise on energy sector matters in Europe and the Middle East.

Formerly General Counsel of the Libyan National Oil Corporation and of the European Oilinvest Group, Ahmed Gaddah is an established and highly respected international energy lawyer and has worked across Libya, the Middle East and Europe. His understanding of energy economics saw him develop Libya’s EPSA IV model contract and bidding rounds that attracted billions of dollars of inward investment from major international upstream players. This experience gives him unique insight into the new EPSA Model Contract and bidding round.

With over 20 years’ experience in the Libyan market and beyond, and formerly a partner at the London offices of Hogan Lovells International LLP and general counsel at the Libyan branch of AECOM Inc., Tarek Eltumi has substantial experience advising international upstream energy companies, commercial banks, multilateral lending agencies, contractors, project sponsors and developers. He has advised various international energy players on EPSA contracts and Libya Petroleum law issues, including M&A, regulatory issues and taxation issues. In addition, Tarek is regularly instructed as expert witness and counsel on major international arbitral and court disputes.

To discuss Libya’s new EPSA bid round or to learn more about us, please contact us on enquiries@eltumipartners.com. For more updates, follow Eltumi Partners on LinkedIn.