Dr. Farhat Bengdara, Chairman of Libya’s National Oil Corporation (NOC), delivered a comprehensive overview of the upcoming bid round during the Supreme Council for Energy and Water meeting, where he participated as a council member. His presentation outlined plans to offer a series of onshore and offshore concessions aimed at boosting exploration activity in Libya’s energy sector.

The NOC’s technical committee provided an in-depth briefing on 22 concessions targeted for exploration as part of the 2024 bid round. This presentation included a detailed execution timeline, signaling the corporation’s strategic focus on attracting investment and enhancing exploration efforts.

In addition to exploration updates, the NOC shared progress on its ambitious production increase plan, which remains aligned with its approved timeline. Current output has reached an impressive 1.422 million barrels of crude oil and condensates, underscoring Libya’s commitment to strengthening its energy sector.

The council also addressed developments at the Ras Lanuf refinery following the termination of a partnership with a foreign investor. The NOC has been authorized to acquire the investor’s stake and has made recommendations to resume operations and upgrade the refinery to meet significant local fuel and oil derivative demands.

Concluding the session, the Prime Minister and Chairman of the Supreme Council for Energy and Water reaffirmed the Government of National Unity’s unwavering support for the NOC’s initiatives to expand oil and gas production. This commitment marks a pivotal step in driving Libya’s energy sector forward and reinforcing its role in the global energy market.

‍