The long-awaited public oil exploration bid round in Libya is entering the final phase of preparations. Libya’s National Oil Corporation (NOC) revealed the report and said interested companies are expected to submit their offers and participate in the opening of bids in February 2026.
The licensing round, the country’s first such exercise in more than 17 years was officially launched on March 3, and covers 22 areas, earmarking for new oil and gas exploration and future development.
The package includes an equal split of 11 offshore and 11 onshore blocks, marking one of Libya’s most ambitious upstream invitations in nearly two decades. Oil officials say the initiative forms a key part of the North African producer’s strategy to attract new investment and expand its hydrocarbon reserves.
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Boost in oil industry
NOC stated that the new round is expected to strengthen Libya’s crude oil and natural gas reserves, enabling higher production levels and enhancing economic stability. The country, a member of the Organization of the Petroleum Exporting Countries (OPEC), is looking to ramp up output after years of conflict and infrastructure disruptions.
Libya’s oil and gas sector has long suffered from political instability and repeated shutdowns triggered by disputes between rival factions seeking control of energy revenues. Since the 2011 overthrow of former leader Muammar Gaddafi, foreign investors have often been reluctant to commit capital due to unpredictable security conditions and frequent declarations of force majeure at major fields such as Sharara and El Feel.
Despite these challenges, Libya is pushing ahead with plans to revitalize its energy sector. The government aims to raise daily crude production from the current 1.4 million barrels to 1.6 million barrels next year and to 1.8 million barrels by 2027. Longer-term ambitions include redeveloping older fields discovered in the 1950s and 1960s, with a target of reaching two million barrels per day within the next five years, Oil Minister Khalifa Abdulsadek said earlier this month.
International economic institutions have also pointed to signs of recovery. The International Monetary Fund reported in April that Libya’s economy is expected to rebound this year as oil output stabilizes following disruptions that curbed growth last year. With the bid round now approaching its final procedural steps, Libya hopes renewed investor participation will reinforce the sector’s recovery and support broader economic improvements.
