Libya’s First Oil Bid Round in 18 Years Offers Production Sharing Contracts | OilPrice.com
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Breaking News:
Libya will offer production sharing agreements to the successful bidders in its first oil and gas exploration bid round in 18 years, top Libyan oil officials said at an event in London on Monday.
Libya is offering a total of 22 blocks for exploration and development,
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11 offshore and 11 onshore blocks, including areas with undeveloped discoveries, in the first International Exploration and Development Bid Round in 18 years.
The previous such bid round was held in 2007, four years before the toppling of Muammar Ghaddafi in 2011, which led to a protracted civil war in the country with various factions and tribal interests vying for control of key institutions and major oilfields.
As a result of the conflict, oil production in Libya has often suffered in recent years, to the point of OPEC exempting the North African producer from the OPEC+ production quota agreements.
Libya aims to boost its oil production and attract foreign investments in its oil industry amid a period of relative stability in the country.
The new bid round has generated a lot of interest from foreign majors,
Masoud Suleman, chairman of Libya’s National Oil Corporation (NOC), told Reuters today.
Libya’s crude oil production currently exceeds 1.4 million barrels per day (bpd), NOC says.
The national corporation looks to boost oil production to 2 million barrels per day within the next three years, “contingent on sufficient funding.”
Foreign majors have also made steps to return to operations in Libya.
BP and Eni, for example, returned to Libya last year after a decade of avoiding the country amid its civil war.
Per a statement by the NOC of Libya, Italy’s Eni resumed exploratory drilling in the Ghadames Basin in October. The company operates the exploration block where it is drilling in partnership with BP and the Libyan Investment Authority—the country’s sovereign wealth fund.
By Charles Kennedy for Oilprice.com
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