Libya to Launch Oil Exploration Bidding Round After 17-Year Pause

Libya is set to launch a new bidding round for oil exploration after a 17-year hiatus, announced Monday by Masoud Suleman, acting Chairman of the National Oil Corporation (NOC). As Africa’s second-largest oil producer and an OPEC member, Libya holds significant potential. However, political instability since the 2011 overthrow of Muammar Gaddafi has deterred foreign investors. Disputes among rival factions have repeatedly disrupted oil operations, including major shutdowns in August that cut production in half. This upcoming round offers a chance to attract investment, boost production, and reassert Libya’s position in the global energy market after years of uncertainty.