Libya has launched its first open licensing sale since 2007, offering 22 acreages for exploration and development. The available tracts include 11 offshore and 11 onshore blocks, with undeveloped discoveries estimated to hold at least 2 billion barrels of oil equivalent (BBOE) in hydrocarbon resources, according to the National Oil Corporation (NOC).
To facilitate this process, NOC has compiled extensive geological and geophysical datasets using advanced digital tools. Libya reportedly holds approximately 91 BBOE in undiscovered hydrocarbon resources. Interested companies can access key datasets instantly through a Virtual Data Room (VDR), where they can review and purchase optional data packages.
This bid round is particularly noteworthy as the Ministry of Oil & Gas and NOC introduce a revised Production Sharing Agreement (PSA) model with competitive fiscal terms designed to attract investment into Libya’s oil sector.
The offshore blocks, which contain 32 wells and seven discoveries, span 128,714 square kilometers across three regions. One block is situated in the Sabratha Basin, three in the Sirte Basin, and seven offshore the Cyrenaica platform. Cyrenaica, located in northeastern Libya along the Mediterranean’s southern margin, is largely underexplored. Its Upper Cretaceous and Tertiary formations are believed to contain promising reservoir and seal rocks. By offering seven acreages in this area, Libya aims to assess its hydrocarbon potential.
The Libyan government is prioritizing strategic partnerships with European and other international companies under the PSA framework. Through these collaborations, Libya seeks to ramp up production to 2–3 million barrels of oil equivalent per day (MMBOEPD) within the next four years.
source:africaoilgasreport.com
