400 Firms Compete for Libya's Oil Contracts
'This is the first time in 17 years that Libya has opened bidding for oil field development,' said Abdulsadiq. 'We have received an overwhelming response from major global companies, and active discussions are ongoing with most of them.'
The minister added that Libya's National Oil Corporation (NOC) had recently signed a cooperation agreement with energy giants Shell and BP to operate in Libyan oil fields. 'We are also preparing to sign more agreements with international partners in the coming days,' he stated.
Last year, several major oil companies resumed operations in Libya after years of inactivity due to political instability and conflict. These include Italy's Eni, Austria's OMV, Spain's Repsol, and Britain's BP, all of which restarted exploration and development activities following a near decade-long pause.
The renewed interest underscores Libya's strategic importance as an oil-rich nation seeking to rebuild its energy sector. The 22 oil blocks currently open for bids are expected to play a crucial role in boosting production capacity and attracting foreign investment.
Abdulsadiq stressed that the government is committed to creating a stable investment environment for energy companies. 'Our message to the world is clear: Libya is open for business in the energy sector,' he said.
The tender marks a significant milestone for Libya as it works to revitalise its oil industry and stabilise its economy.
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