The NOC, led by Chairman Engineer Masoud Suleman, has successfully completed the final stage of its public bidding round for exploration today, February 11, 2025.

The ceremony was held at the Rixos Hotel complex in Tripoli, attended by Prime Minister Engineer Abdul Hamid Dbeibah of the Government of National Unity, the Head of the Administrative Control Authority, several ministers, and officials from various state institutions. Also present were members of the diplomatic corps accredited to Libya, department directors, heads of offices within the sector, representatives from international and local news agencies and satellite channels, and a host of interested parties, including representatives from international energy companies and their agents from around the world.

The ceremony also featured the presence of the Chairman of the Board of Directors, Engineer Masoud Suleman. The process of submitting and opening the bid envelopes from companies competing for exploration rights in the offered blocks was conducted with complete transparency, following internationally accepted procedures. Five leading international companies, recognized for their expertise in this field, were awarded investment opportunities in the exploration blocks. These companies include the Consortium of Repsol +Turkish Petroleum, the MOL Hungary, the Eni + QE and another consortium comprising Repsol and a Turkish partner. Additionally, Chevron (USA) and Aiteo (Nigeria) were among the winners in this round.

In his speech during the occasion, the Chairman of the Board of Directors of the NOC highlighted that the success of this round, conducted with the highest standards of quality and transparency, marks a significant turning point in the development of the Libyan oil sector. He noted that this achievement will double Libya’s crude oil production, leading to an economic revival that aims to steer the country toward stability and prosperity, while also safeguarding Libya’s crude oil reserves for future generations.

He further explained that attracting major international companies to invest in Libya during this round is a crucial step in the promising “Return to Life” project initiated by the Government of National Unity, which is diligently overseeing its implementation and success. He commended the government’s support for the NOC’s strategy in this regard, emphasizing that this round is the most significant milestone in the corporation’s development journey.

Engineer Masoud Suleiman explained that the success of this round was not limited to the number and size of the companies that secured investment opportunities, but rather represents a victory in restoring the world’s confidence in Libya’s ability to recover and develop its institutions in line with the rapid global developments in various fields, especially the energy sector. He pointed out that this confidence will have a positive impact on the Libyan economy by all measures.

Suleman noted that the success of this round goes beyond the number and size of the companies that secured investment opportunities; it signifies a victory in restoring global confidence in Libya’s ability to recover and advance its institutions in line with rapid global developments, particularly in the energy sector. He emphasized that this renewed confidence will positively impact the Libyan economy by all measures.

It’s important to note that exploration in Libya had been halted for over 17 consecutive years. The NOC revitalized this sector at the beginning of last year, 2025, through a bidding round that visited several major countries to present an investment opportunity in 20 blocks: 9 offshore and 11 near Libyan territories. Seismic surveys and technical studies were conducted in these areas to provide clear data for companies interested in participating in the bidding process.

About Libya’s National Oil Corporation (NOC)

Established in 1970, Libya’s National Oil Corporation (NOC) has been the backbone of the country’s energy sector for over five decades. As guardians of Libya’s vast oil and gas reserves, NOC is committed to sustainable resource development while maintaining it's position as a key player in the global energy market. NOC’s journey is defined by resilience, innovation, and strategic collaborations with international partners—strengthening Libya’s Energy.