LIBYA PLANS OIL EXPLORATION TENDERING FOR FIRST TIME SINCE 2007

Libya wants to increase oil production and is ready to sell off areas that have not seen traffic since 2007

The country will put land and platform areas out to tender in late 2024 or early 2025, Libyan Oil Ministry chief Khalifa Abdul Sadek said. The tender will include areas in the Sirte, Murzouk and Ghadames basins.

According to Sadek, oil production currently stands at more than 1.3 million barrels per day and the development of already explored fields will increase this figure to 1.6 million by the end of 2025.

He also said the country plans to invest $17 billion in new oil infrastructure and develop new fields that should yield up to 300,000 barrels per day. Sadeka said Libya wants to reach 1.4 million barrels per day by the end of this year, 1.7 million barrels per day by the end of 2027, and 2 million barrels per day in 2028.

Italian companies Eni and BP resumed drilling in Libya in October. Spain's Repsol is preparing to resume similar work in the Murzuk basin, and Austria's OMV will do so in the Sirte basin within weeks, Abdul Sadek said.