Libya organized a promotional meeting in Istanbul on Thursday for international investors regarding oil and natural gas exploration and production tenders in 22 onshore and offshore blocks.
The bidding round in Istanbul follows similar events held in Houston and London after the North African country announced the launch of the round on March 3.
A total of 22 blocks will be offered in the bid round. These blocks span a combined area of 235,267 square kilometers, including 128,714 square kilometers offshore and 106,553 square kilometers onshore.
These blocks offer an opportunity to develop 1.63 billion barrels of oil equivalent in discovered reserves. The areas will be offered under the Production Sharing Agreement (PSA) model.
The bid round is scheduled to take place on Nov. 15, with contracts expected to be signed between Nov. 22 and Nov. 30.
– First bid round in 17 years
Addressing the global investors, Libya’s Oil and Gas Minister Khalifa Abdulsadek said that they are launching a new bid round for exploration and production in Libya’s most important basins.
These include the Sirte Basin—the hub for Libya’s oil and gas industry—the Ghadames Basin and Murzuq Basin, with the Kufra Basin also being a potential site in the future, Abdulsadek said.
‘This is the first bid round of its kind in the past 17 years, featuring new and attractive contractual terms for investors,’ he added.
Noting that Libya has experienced growing stability in recent years, he said that this is ‘crucial for encouraging investors to come and do business with us, allowing foreign companies to resume their exploration activities in our country.’
‘I extend an open invitation to all of you, here today from Istanbul, to invest in our beloved country, Libya, and to contribute to the realization of our vision for the oil and gas sector,’ Abdulsadek said.
The chairman of the National Oil Corporation (NOC), Masoud Suleman, highlighted ‘profound historical ties’ between Libya and Türkiye as well as the ‘extensive cooperation and mutual interests shared between our two nations across numerous fields and sectors.’
Suleman emphasized their strong commitment to forging new partnerships between Libyan oil companies and international counterparts, citing the significant mutual benefits such collaborations can bring.
‘These partnerships will pave the way for promising future ventures across 22 exploration sites, 11 onshore and 11 offshore, offered under flexible contractual terms,’ he added.
‘Our terms prioritize the interests of our partners ensuring strong cooperation as we work together to meet the growing global demand for oil and gas,’ he said. ‘We also aim to collaborate in the exchange of expertise, knowledge, and data.’
– Country aims to increase daily output to 2 million barrels
Libya’s oil production stands at about 1.4 million barrels per day, with plans to raise daily output to 2 million barrels within the next three years.
Türkiye and Libya have deepened their energy cooperation in recent years through strategic agreements on maritime boundaries and hydrocarbon exploration.
In 2019, a maritime deal between Ankara and Libya’s Tripoli-based government enabled joint offshore exploration, while a 2022 agreement expanded cooperation to onshore and offshore oil and gas projects.
