Libya is preparing to announce the results of a major oil and gas licensing round, with 37 qualified international companies competing for 22 offshore and onshore blocks. The state oil company, National Oil Corporation (NOC), estimates the offered acreage could contain 18 billion barrels of yet-to-find resources, with geological mapping indicating an in-place resource potential of at least 10 billion barrels of oil equivalent.

Bid Round Details and Participation

The results of this bid round are scheduled to be announced on 11 February. Participation has been strong and competition is expected to be aggressive. The round has attracted companies from across the globe, including Asia, North America, Europe, Africa, and the Middle East, with some forming consortia for the bidding process. This is the first such round since 2008, as exploration slowed following the civil war, highlighting Libya's untapped resources.

Qualified Companies

Among the 29 pre-qualified companies and eight 'investors' are all five supermajors: BP, Chevron, ExxonMobil, Shell, and TotalEnergies. The qualified list also includes:

• Six companies from China
• Five from Europe
• Two each from Russia, Pakistan, and Oman
• One each from the US and India
• Other notable firms such as Eni, Repsol, Woodside, and state companies QatarEnergy, Algeria's Sonatrach, and Turkey's TPAO

Future Plans and Production Goals

Libya is considering additional future bid rounds, potentially for unconventional resources and marginal fields. Concurrently, NOC is pursuing an ambitious plan to boost national oil production in two phases: first to 1.6 million barrels per day and then to 2 million bpd, though specific timelines were not disclosed. For natural gas, the goal is to increase production to 4 billion cubic feet per day. While 99% of current gas output serves the local market, ongoing developments and the new bid round could position Libya as a key gas exporter after 2030.