Speaking during a UK-Libya Roundtable – convened by the Libya British Business Council at the Libya Energy & Economic Summit 2026 – Libya’s Minister of Oil and Gas Dr. Khalifa Abdulsadek announced that this second bid round is 90% confirmed, marking a major step forward in revitalizing the country’s upstream sector.

“If we look at what we achieved in the last bid round, many people were not sure we could deliver, but we did deliver,” Minister Abdulsadek stated. “We still need to wait for the final outcome next month, but it’s pretty much there.”

The country’s previous licensing round – launched in 2025, with results expected to be announced shortly – demonstrated Libya’s renewed credibility as an investment destination. The round attracted more than 50 companies, including several top-tier international oil companies.

“That alone is a testimony to the level of interest international companies see in Libya,” Minister Abdulsadek said. “We are trying to do this on a very regular basis as we move forward.”

The licensing strategy forms part of the government’s broader strategy to sustain production and attract long-term investment. Libya is also advancing parallel initiatives between bid rounds. These include work on unconventional resources, marginal fields and the signing of memoranda of understanding with international companies to explore underexplored acreage.

“This is essential for an economy that depends almost 95% on oil and gas,” Minister Abdulsadek said. “That dependence means the sector must be sustained through a consistent and structured process.”