Libya announces its first oil licensing round since 2005 to increase production and attract investment in Sirte, Murzuq, and Ghadames

In a pivotal step towards revitalizing its hydrocarbon industry, Libya’s National Oil Corporation (NOC) has laid the groundwork for a 2024 licencing round, the first in almost twenty years.

Prospective investors and energy companies are being welcomed to delve into the comprehensive data now accessible in NOC’s data rooms. This initiative is part of a broader strategy to increase Libya’s oil production capacity to an ambitious target of two million barrels per day over the next three to five years. This goal is built on the foundation of the current production figures, which stood at nearly 1.2 million barrels per day as of last month.

NOC’s proactive engagement with potential investors will be on full display at the Libya Energy and Economic Summit 2024, scheduled in Tripoli. This event is poised to be a cornerstone in showcasing the nation’s upstream investment opportunities and fostering partnerships that could reshape the Libyan oil landscape.

In a historic move, the NOC has opened the door for the Libyan private sector, encouraging bids for the development of marginal fields through both service contracts and production sharing contracts. Marginal fields - small discoveries previously undeveloped due to economic or infrastructural constraints - present a unique opportunity for local firms and partnerships. The exploitation of these fields could be a game-changer, offering lower costs, easier market access, and supporting Libya’s broader objective of ramping up oil production by tapping into untapped reserves.

KeyFacts Energy: Licensing news