Libya plans to launch a public bid round for exploration after a 17-year hiatus, said Masoud Suleman, acting chairman of the National Oil Corporation (NOC).

According to LANA News Agency, Libya’s Prime Minister Abdul Hamid Dabaiba confirmed that this round represents a clear message that Libya is ready to open up to international companies within a modern and transparent investment environment, noting that the GNU worked to remove the obstacles facing the oil and gas sector, which led to achieving distinguished production rates, as crude oil production reached 1.4 million barrels per day (bbl/d), with plans to strengthen Libya’s position as a major energy supplier.

In January, Libya’s acting oil minister, Khalifa Abdulsadek, told Reuters the country needed between $3 billion and $4 billion to reach an output of 1.6 million bbl/d.

Libya has been facing some challenges in attracting foreign investors since 2011, where disputes between armed rival factions over oil revenues have often led to oilfield shutdowns.

In August, Libya lost more than half of its oil production, about 700,000 bbl/d, and exports were halted at several ports. The shutdowns lasted for over a month, with production gradually resuming from early October, as Reuters reported.

Meanwhile, major oil companies Eni, OMV, bp, and Repsol resumed exploration activities in Libya last year after halting them for a decade. Italy’s Eni signed in 2023 a $8 billion gas production deal with Libya’s state oil company, the National Oil Corporation (NOC).