Libyan officials have revealed key details of the country’s first oil and gas exploration licensing round in nearly two decades, with 22 blocks on offer under revamped production-sharing agreements designed to attract foreign capital and accelerate upstream growth.
The bid round plans were first announced last month.
The move marks a significant step in Libya’s efforts to rebuild investor confidence and stabilise its energy sector following years of political volatility and infrastructure disruption. Speaking at an investor forum in London, state-run National Oil Corporation (NOC) acting chairman Masoud Suleman highlighted the country’s renewed focus on transparency and fiscal competitiveness.
The bidding round includes 11 onshore and 11 offshore blocks across high-potential basins such as Sirte, Murzuq, and Ghadames, as well as unexplored acreage in the Mediterranean. Crucially, the NOC has introduced updated production-sharing agreements in place of the less flexible EPSA IV model, offering improved commercial terms to boost international participation.
Libya currently produces around 1.4 million bpd with plans to scale output to 2 million bpd. Acting oil minister Khalifa Abdulsadek has estimated that USD 3 billion–4 billion in investment is required to reach the near-term goal of 1.6 million bpd.
Despite historic operational and political challenges, Libya retains strong geological fundamentals and remains exempt from OPEC+ output quotas, giving investors access to unconstrained production potential in a high-margin environment.
Contract awards for the current round are expected to be finalised between November 22 and 30, 2025. NOC officials reported strong interest from established IOCs following initial outreach earlier this year.