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In March 2025, the National Oil Corporation (NOC) officially announced the launch of Libya’s first Oil & Gas Exploration Bidding Round in over 17 years, marking a defining moment in the country’s energy resurgence. Acting Chairman Masoud Suleman emphasized Libya’s determination to welcome international partners, inviting global investors to explore 22 blocks, including 11 onshore and 11 offshore, across its most promising hydrocarbon basins. This initiative underscores Libya’s commitment to reopening its upstream sector, modernizing its fiscal framework, and reigniting investment in one of Africa’s most attractive and high-potential energy markets.
The 22 available blocks are distributed across key petroleum provinces, including the Sirte, Murzuq, and Ghadames Basins, as well as offshore zones in the Sabratha Basin, Sirte Basin, and areas off the Cyrenaica Platform, covering 128,714 square kilometres of high-potential acreage.
To attract investors, Libya introduced a revised Production Sharing Agreement (PSA) model, replacing the old EPSA-IV system. The new PSA framework significantly increases contractor returns raising internal rates of return from 2.5% to up to 35.8% and shortens payback periods through faster profit-sharing with the NOC.
Qualified Companies for the Libya Bid Round 2025
Following the announcement of the Licensing Round 2025, strong interest has emerged from leading international oil companies, investors, and energy firms eager to enter or expand in Libya’s promising upstream sector. Below are the officially qualified operators and investors participating in this new phase of development.
Qualified Operators
BP Exploration Libya Ltd, Brightoil Petroleum (Holdings) Ltd, Chevron Business Development EMEA Ltd, CNODC Management B.V. (China National Oil and Gas Exploration & Development Company), DNO ASA, ExxonMobil (Esso Exploration International Ltd), Eni North Africa B.V., Formentera Partners, Harbour Energy plc, Jereh – Yantai Jereh Oilfield Services Group Co. Ltd, PJSC LUKOIL, MOL PLC, QatarEnergy International E&P, OMV E&P GmbH, OGDCL, OQ E&P SAOG, PGNiG (ORLEN), Petrogas E&P LLC, Pakistan Petroleum Ltd (PPL), Repsol Exploration Murzuq Sharara Assets S.L.U, Shell International B.V., SNG – SoyuzNefteGaz, SONATRACH, TotalEnergies E&P, TPAO – Turkish Petroleum Overseas Co. Ltd, United Energy Group Ltd (UEG), Woodside (GOM) Inc., ZhenHua Oil Co. Ltd, ZPEC – Zhongman Petroleum and Natural Gas Group Corp. Ltd.
Qualified Investors
Bares Holding SA, Cheiron Petroleum Corporation, Geo-Jade Petroleum Corporation, GHPL (Government Holdings Private Ltd), Gran Tierra Energy, Gulfsands Petroleum plc, Indian Oil Company Ltd, Natural Oilfield Services Ltd.
To promote the Licensing Round globally, the National Oil Corporation (NOC) launched the Libya Bid Round Roadshow, a series of international investor engagements showcasing the 22 exploration blocks and offering exclusive access to NOC leadership and senior government officials.
The final international roadshow was organized by IN-VR, Medoil, and the NOC on April 17 in Istanbul, bringing together over 150 attendees from leading regional and international companies across Türkiye and the MENA region.
This third and final stop before bid submissions provided a high-level platform for one-on-one discussions, data presentations, and partnership-building ahead of the upcoming PSA signings. The event also delivered final briefings on contractual frameworks, exploration data, and partnership opportunities.
Libya currently produces around 1.4 million barrels per day (bpd) and aims to reach 2 million bpd within the next three years, supported by new exploration and production investments. With some of the largest untapped hydrocarbon reserves in Africa—estimated at over 48 billion barrels of proven oil and 53 trillion cubic feet of gas Libya remains one of the world’s most promising frontiers for upstream expansion.
Strategically positioned on the southern shores of the Mediterranean, Libya serves as a vital energy bridge between Africa and Europe, offering both proximity to major export markets and opportunities for regional energy integration. The country’s renewed commitment to transparency, modernized contractual frameworks, and partnership-driven development under the National Oil Corporation (NOC) signals a new era of investor confidence.
For international operators and investors, this is a rare high-reward entry point into a market with vast geological potential, existing infrastructure, and a government determined to restore its position as a reliable and competitive global energy supplier.
The Libya–Africa International Gas Forum 2025 (LAIGF 2025), scheduled for 6–7 December 2025 at the JW Marriott, Tripoli, will serve as the region’s leading platform for dialogue and collaboration. Organized by IN-VR and The Energy Circle, in partnership with the Ministry of Oil & Gas (Libya), National Oil Corporation (NOC), and the Gas Exporting Countries Forum (GECF) — and held in strategic knowledge partnership with S&P Global Commodity Insights — LAIGF 2025 will bring together policymakers, operators, financiers, and service providers to discuss development plans and investment frameworks shaping Libya’s next energy phase.
With 22 exploration blocks, a modernized PSA framework, and a growing roster of qualified international operators, Libya is emerging as Africa’s most dynamic energy frontier. The country is opening a new chapter in its upstream development—one defined by transparency, competitiveness, and partnership.
Now is the time to invest in Libya. As global demand for reliable and diversified energy supply intensifies, Libya offers a rare entry point into one of the world’s last untapped hydrocarbon regions—rich in resources, strategically located, and supported by renewed government commitment to international collaboration. Backed by major institutional reforms and an ambitious production target of 2 million barrels per day, Libya stands ready to connect African energy potential to European markets and deliver transformative growth for investors who act early.
