Opec member Libya is nearing the completion of a round of bidding to explore its oilfields as the North African country looks to increase production to support economic growth.
Companies are expected to submit offers in February, the state-owned National Oil Corporation (NOC) said on Thursday.
The round of bidding, the first in more than 17 years, covers 22 areas for oil exploration and development, with 11 blocks offshore and 11 onshore.
“These projects will increase Libya’s reserves of crude oil and gas, guaranteeing a secure economic future for Libyans,” the NOC said.
Libya has some of the cheapest oil in northern Africa. But much of it has remained offline since a bloody civil war erupted between rival factions after the downfall of Muammar Qaddafi in 2011.
The North African country is trying to revive its hydrocarbons sector and is inviting new companies to develop its oilfields.
It aims to increase output from the current 1.4 million barrels per day to 1.6 million barrels per day next year and 1.8 million bpd in 2027, Oil Minister Khalifa Abdulsadek told an conference in Abu Dhabi this month.
Libya aims to redevelop oilfields that were discovered in 1950s and 1960s to raise output. “We have a mission to increase output to two million bpd over the next five years,” Mr Abdulsadek said.
People have been reluctant to invest in the country amid disputes between armed rival factions over control of Libyan oil revenue. The NOC has declared force majeure at a number of fields including El Feel and Sharara after protests and civil unrest.
Libya's economy is projected to rebound this year, due to an expected increase in oil production after disruption to output last year hit growth, the International Monetary Fund said in April.
The country's real gross domestic product grew by 2.4 per cent last year after a healthy 10.2 per cent in 2023, rebounding from a recession-riddled 2022, supported by increased oil production as well as an improving security situation in the country.
