Libya bid round attracts international investor interest

Libya’s latest upstream licensing round has already attracted more than 40 bids, according to Abdolkabir Alfakhry, Advisor to Libya’s Minister of Oil and Gas, signalling growing international interest in its largely untapped hydrocarbon potential.

The bid round, launched in March, offers 22 blocks for exploration and development (11 Offshore and 11 Onshore) including areas with undeveloped discoveries estimated to contain a minimum of 2.0 Bboe in hydrocarbon resources.

The Minister, who was addressing a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris, noted that results of the bid round are expected around November. “This will open a new environment for international companies to work in Libya.”

Libya’s assets are underexplored, particularly offshore, Alfakhry said, pointing to the country’s strategic location on the Mediterranean and its proximity to European markets as key competitive advantages.

“The bid round signals Libya’s integration into the global energy market,” he said.

Steiner Våge, president for Europe, the Middle East and Africa at ConocoPhillips, confirmed the U.S. major’s intention to deepen its engagement in Libya and across the African continent.

“Libya is a place where we can work – over the last few years, we’ve significantly increased production at the Waha concession,” said Vaage. “We want to see Libya prosper. We’d also like to transfer our knowledge, and we want to work with partners that have similar objectives – that is the starting point.”

At Libya Energy & Economic Summit 2025 earlier this year, Bashir Garea, technical advisor to the chairman of the NOC, highlighted the country’s immense oil and gas potential.

“We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said, adding that Libya also has 122 trillion cubic feet of gas yet to be developed. “To unlock this potential, we need more investors and new technology, particularly for brownfield revitalisation.”

Oil majors including Eni Repsol, bp and OMV have recommenced exploration in Libya in recent months following a 10-year hiatus. However the recent eruption of violent clashes in Tripoli following the assassination of a powerful militia leader, shows that the current security situation is far from stable.