Libya is set to hold its first energy exploration contract tender since the 2011 civil war, as the OPEC member aims to bring back oil majors who have been hesitant due to years of instability and production disruptions, Bloomberg reported.
The government plans to offer both onshore and offshore oil blocks in a bidding round scheduled for either the end of this year or early 2025, according to Oil Minister Khalifa Abdul Sadeq.
The basins involved will include Sirte, Murzuq, and Ghadames. Libya, home to Africa’s largest oil reserves, last held a tender in 2007, before the 2011 uprising that overthrew longtime leader Moammar Al Qaddafi, leading to years of turmoil.
Libya’s oil production has recovered to over 1.3 million barrels per day, the highest level in years. Abdul Sadeq indicated that further development of fields that have already been appraised could boost output to 1.6 million barrels per day by the end of 2025.
The country is also in discussions with five international oil companies that have expressed interest in returning to Libya next year, though the minister did not disclose their names.
Italy’s Eni and BP resumed drilling operations last month, ending a hiatus that began in 2014. Spain’s Repsol is preparing to restart drilling in the Murzuq basin, while OMV is set to do so in the Sirte basin in the coming weeks, Abdul Sadeq added.
Authorities plan to invest $17 billion in infrastructure projects over the coming years, aimed at updating existing facilities and developing new fields that have already been appraised. These latest developments could boost production by as much as 300,000 barrels per day, according to the minister.
Libya aims to reach a production level of 1.4 million barrels per day by the end of this year, with targets set at 1.7 million barrels per day by 2027 and 2 million barrels per day by 2028.
