Libya launches first oil & gas bid round since 2007

Libya’s National Oil Corporation (NOC) has opened a new licensing round for onshore and offshore acreage following a nearly 18-year hiatus.

Launched on March 3, 2025, the bid round includes 22 exploration areas, covering major oil and gas basins which the Libyan player says have already demonstrated strong petroleum system potential and hold “vast untapped resources.” The previous licensing round was launched in 2007.

The 11 offshore blocks covering 128,714 square kilometers are situated across three areas. One block is located in the Sabratha Basin, three in the Sirte Basin, and seven in the area offshore the Cyrenaica platform. According to NOC, the offshore area holds seven discoveries and 32 wells.

As explained by NOC, the acreages are near existing infrastructure, enabling cost-effective exploration, development, and hydrocarbon production for export to global markets. The state player’s vision is to produce 2-3 million barrels of oil equivalent per day (MMbbls/d) through strategic partnerships with European and other international players under a production sharing agreement (PSA) model.

This follows the announcement by the African Energy Chamber that Eni’s Sirte Basin program in Libya is one of the drilling campaigns to watch out for in 2025. The Italian player has four exploration wells in its 2025 pipeline, which entails an offshore drilling campaign in the Sirte Basin by year-end.