AfrOil: Libya to launch new round of gas exploration bids shortly

Libya’s National Oil Corporation (NOC) plans to launch a new round of oil and gas exploration bids before the end of 2024, its head, Farhat Bin Qadara, said on December 3. 

The announcement of a new bidding round reflects efforts to stabilise the sector and attract investment. The round will be the first bidding round since 2011, following the NATO-supported protests that ousted former dictator Muammar Gaddafi.

Libya’s oil production, including condensates, rose to 1.4mn barrels per day (bpd), marking the highest production level since 2013. Waha Oil alone recorded a daily production of 350,549 bpd, the highest in over 11 years.

Oil output has shown consistent growth, recently reaching 1.38mn bpd for crude oil and condensates, along with 198,190 barrels of gas equivalent per day.

The recovery in oil production followed the resolution of disputes over control of the Central Bank, allowing full resumption of operations at oil fields.

NOC announced plans earlier to raise the country increase oil production from over 1.3mn bpd to 1.4mn bpd by the end of 2024, 1.7mn bpd by 2027 and 2mn bpd by 2028. The utility said it would resume production at four fields (Al-Dhahra, Al-Bahi, Al-Mabrouk, and Al-Tahara), adding over 40,000 bpd to the country’s production capacity.

Libya’s oil production faced frequent disruptions over the past decade due to political divisions since 2014. After the appointment of the new central bank administration and the resumption of oil production and exports in October, the country is now open to attracting more foreign investment as it intends to introduce changes to its fiscal regime for oil and gas investments. Libya has nearly 48bn barrels in reserves, nearly 80% of which are in the eastern part of the country.

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