Libya has officially launched its first oil and gas bidding round in 17 years, offering 22 blocks (11 onshore and 11 offshore) for exploration and development to attract foreign investment and increase production. The bid round aims to revitalize the country’s energy sector and has been structured with a new production sharing agreement (PSA) framework designed to be more competitive for investors.
22 blocks total is been offer split evenly between 11 offshore and 11 onshore areas.
The offshore blocks are in the Sabratha, Sirte, and Cyrenaica basins, while the onshore blocks are in key basins like the Certi, Mazuk, and Gamardis.
The long-term vision is to reach a production of 2 to 3 million barrels of oil per day.
The new contracts are structured as production sharing agreements (PSAs) and include more investor-friendly terms than previous agreements.
The bidding process includes events like roadshows, data room access, and a qualification period, all scheduled to take place throughout 2025.
The bid round includes areas with high potential for undiscovered resources, as well as areas with existing discoveries.
Note By Alessandro Bazzoni