On Monday morning, April 7, 2025, the Chairman of the Board of Directors of the National Oil Corporation (NOC), Masoud Suleiman, officially launched the third phase of the general bidding round in London, UK. This significant event was attended by key figures including Dr. Khalifa Abdul Sadiq, Minister of Oil, and Peter Millet, Chairman of the Libyan British Business Council. The gathering brought together directors and representatives from major international companies specializing in energy, oil, and gas.
In his opening remarks, Suleiman emphasized that the Libyan oil sector is undergoing a comprehensive development process across all its facilities and fields. He stated, “The corporation has taken a set of measures with all keenness to ensure the achievement of the goal that all Libyans and strategic partners aspire to on an equal footing.” This statement reflects the NOC's commitment to revitalizing the sector and enhancing its operational capabilities.
Suleiman elaborated on the importance of the general bidding round, describing it as a crucial component of the development stages aimed at increasing Libya's oil production. He noted, “The general bidding round is nothing but an important part of the development stages witnessed by the Libyan oil sector, in an effort to recover from Libya's oil production, and thus push the economic wheel and achieve prosperity.” This effort is seen as vital for stimulating economic growth and national recovery.
Furthermore, Suleiman highlighted the NOC's determination to open investment opportunities for international companies, expanding the circle of partnerships and fostering collaboration. He invited companies interested in exploration and prospecting to engage in promising geographical areas rich in resources, as stated in a statement published by the NOC on its Facebook page.
Members of the Bidding Committee at the NOC provided a detailed presentation on the general bidding round, which included comprehensive technical descriptions and procedural frameworks for granting investment licenses in the Libyan oil sector. This presentation was followed by discussions covering legal, organizational, and technical aspects necessary for facilitating investment in the sector.
Notably, the general bidding round had been suspended for over 17 years, leading to a significant decline in oil and gas exploration activities. Suleiman pointed out that this stagnation contributed to the depletion of stored resources, stating, “The general bidding round has been suspended for more than 17 years, during which Libya witnessed a state of stagnation in exploration and prospecting operations, which contributed to the depletion of stored potential.”
In response to this challenge, the NOC has developed a new strategy aimed at rescuing the Libyan oil sector from declining production levels. This strategy is based on scientific standards and has been meticulously prepared by Libyan experts over the years. Suleiman remarked that the NOC is committed to “rescue the Libyan oil sector from the decline in oil production investments, while increasing its revenues on demand for crude oil.”
As part of this new initiative, the NOC is offering 22 geographical areas for international companies to explore and prospect for oil and gas. This includes 11 offshore areas, while the remaining sites are strategically located in southern and central Libya. This offering is expected to provide substantial investment opportunities in one of the country’s most vital industries.
In addition, Suleiman's recent activities included launching the second phase of an awareness campaign in Houston, USA, on March 13, 2025. This campaign aimed to inform major oil and energy companies about the general bidding round and the potential for exploration in Libya. Prior to that, he had announced the first round of oil exploration in Tripoli, marking a significant milestone as the first of its kind in over 17 years.
The NOC's renewed focus on oil exploration and production comes at a time when global demand for energy is increasing, making it crucial for Libya to expedite its exploration and exploitation efforts. With the world increasingly turning to alternative energies, the NOC's initiatives aim to ensure that Libya can effectively leverage its natural resources.
In conclusion, the launch of the third phase of the general bidding round is a pivotal step for the NOC and the Libyan oil sector as a whole. The corporation's strategic plans and commitment to enhancing international partnerships signal a promising future for Libya's oil industry, potentially restoring its position as a key player in the global energy market.
