Scheduled for early 2025, the bid round highlights Libya’s efforts to revitalize its oil industry and marks a significant step forward for the sector, which is central to the country’s economic expansion. The Libya Energy & Economic Summit, scheduled for January 18–19, 2025 in Tripoli, will showcase the country’s energy opportunities, including exploration blocks and flagship projects, further positioning Libya as a key destination for hydrocarbon investment.

Maximizing Oil Production

Libya’s crude oil production surpassed 1.4 million bpd in December 2024, reaching its highest level since 2013. The government aims to expand output to 1.6 million BPD by the end of 2025, 1.7 million BPD by 2027 and 2 million BPD by 2028, primarily by developing already-appraised fields. The NOC has implemented extensive maintenance and infrastructure rehabilitation strategies to support these goals. In late 2024, the Arabian Gulf Oil Company added 2,000 BPD to the Nafoura oil field after connecting a newly drilled well.

Additionally, Al-Sarir Oil Company restored production from four wells in October, boosting output by over 1,000 BPD. Akakus Oil Operations increased production by 8,000 BPD at the El Sharara oil field through the restoration of wells in the R-NC115 and B-NC115 fields. With $17 billion earmarked for infrastructure modernization and expansion, Libya is creating a more favorable investment climate to attract international energy companies. The upcoming bid round is expected to be a cornerstone of this strategy. 

Increasing Foreign Investment

Foreign investors are returning to Libya, signaling renewed confidence in the country’s energy sector. Last month, Algeria’s Sonatrach met with the NOC to review seismic survey data and discuss resuming exploration activities in the Ghadames Basin, specifically on plots 95 and 96. In October, Eni and bp began drilling their first exploration well in Area B, while OMV completed exploratory drilling in the Sirte Basin. Spanish oil company Repsol is also set to resume operations in the Murzuq Basin by late 2024.

The bid round is expected to unlock further opportunities for new projects and partnerships. The NOC is collaborating with companies including Eni, TotalEnergies, Repsol and Wintershall to restart exploration activities. Discussions are also underway with five additional international oil firms interested in re-entering the Libyan market in 2025. This resurgence in foreign investment could significantly boost Libya’s foreign currency reserves, stabilize the dinar and alleviate the liquidity crisis, aligning with initiatives by the Central Bank to improve foreign currency access and inject liquidity into the banking system.

The Libya Energy & Economic Summit is set to take place in Tripoli on January 18-19, 2025. The event will bring together industry leaders, investors and policymakers, aiming to foster dialogue, secure investments and support the growth of Libya’s energy and infrastructure sectors. For more information, visit https://libyasummit.com