The Acting Chairman of Libya’s National Oil Corporation (NOC), Masoud Suleiman Mousa, launched the Third Phase of the Public Tender Round in London yesterday to grant investment licenses to international companies in the Libyan oil sector.
In cooperation with the Libyan British Business Council (LBBC), the event was launched before a large gathering of managers and representatives of major international companies working in the fields of energy and oil and gas production, in the presence of Khalifa Abdel Sadeg, Libya’s Acting Minister of Oil and Gas and the Chairman of the LBBC, Peter Millett.
22 onshore and offshore plots on offer
The NOC is offering 22 geographical plots for public tender to international companies for drilling and exploration, of which 11 are offshore plots, while the remaining 11 are in close locations in the south and centre of Libya.
In his speech on the occasion, the NOC Chairman stressed that the Libyan oil sector is witnessing a comprehensive development process for all its facilities and areas of work, and that the NOC has carefully taken a package of measures to ensure positive results that achieve the goal expected by the Libyan public and strategic partners alike.
Opening Libya’s energy sector to international investment
Massoud explained that the public tender round is only one important part of the development stages witnessed by the Libyan oil sector, in an effort to raise Libya’s oil production, thus pushing the economy and achieving recovery. He pointed to the NOC’s determination to open the field of investment to international companies, expand the circle of partnership and build solid bridges for cooperation and exchange of experiences, calling on companies wishing to engage in exploration and drilling in promising geographical areas.
Detailed presentation by Tender Committee
The members of the Tender Committee of the NOC accompanying the Chairman also gave a detailed presentation of the public tender round, which included a full technical description, after which dialogue sessions were held on the legal, regulatory and technical aspects of granting investment licenses in the Libyan oil sector.
No new drilling or exploration rounds in Libya for 17 years
It will be recalled that public tender rounds were suspended for more than 17 years, during which Libya witnessed a state of stagnation in the fields of drilling and exploration, which contributed to the decline in oil and gas reserves due to the cessation of activity that supports the replenishment of consumed stock during these years.
Saving the Libyan oil sector from low levels of oil production
The NOC seeks, according to a precise strategy developed in accordance with scientific controls prepared by Libyan experts and specialists over the years, to save the Libyan oil sector from low levels of oil production. This comes at a time when the increase in the demand for alternative energies has become a remarkable reality that constitutes a strong motivation to accelerate drilling and exploration operations and exploit these resources in a timely manner.
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LBBC and NOC announce the London ‘‘Libya Bid Round Roadshow’’ to be held on 7 April
