Libya announces new round of bidding for oil and gas exploration concessions

He explained Bin KadaraDuring his participation in the event held in Cairo, he stated that the corporation’s current production has reached 1.4 million barrels per day, including condensates, which represents significant progress in the country’s plans to increase oil production.

The importance of the oil sector for the Libyan economy

Oil is the main source of income in LibyaThe Libyan economy relies heavily on exports oil andmystification.

The contribution of the sector to the gross domestic product of the country is about 60 percent, while it represents about 95 percent of the total Libyan exports.

Despite the challenges the sector has faced since 2011 due to political conflicts and security unrest, the National Petroleum Corporation is striving to restore stability to this vital sector.

Ambitious expansion plan

It operates within its three-year strategic plan (2023-2026). National Oil Corporation It will gradually increase production, with the goal of reaching two million barrels per day by 2027.

As a step towards improving its production capacity, the corporation announced in November 2024 that production is approaching 1.4 million barrels per day, after implementing a series of projects that included restarting idle fields and improving oil sector infrastructure.

A new round of bidding

The new round of offers the corporation intends to announce is the first of its kind in years and aims to attract major international investment for oil and gas exploration in Libya’s onshore and offshore areas.

The corporation has previously confirmed that it will offer contracts for the exploration and development of untapped fields, as part of a plan to increase oil revenues and enhance partnerships with international companies.

Investment in infrastructure

In addition, the National Petroleum Corporation has allocated a budget of $17 billion to improve the infrastructure of the oil sector, which includes pipeline development projects, rehabilitation of oil ports and modernization of warehouses.

These investments are aimed at reducing operational losses and ensuring continuity of production with high efficiency.

Security and political challenges

Despite its grand ambitions, Libya’s oil sector continues to face many challenges, including fragile security conditions and recurring political unrest.

The closure of some oil fields due to local conflicts in 2023 caused losses of more than a billion dollars.

However, the corporation was able to negotiate the restart of these fields and the gradual restoration of production.