According to Khalifa Abdulsadek, the acting minister of oil and gas, Libya needs between USD 3-4 billion to reach an oil production rate of 11.6 million barrels per day (bpd), while informing the media that the Cabinet was expected to approve a new round of license bidding before the end of January 2025.
The Libyan economy, according to Abdulsadek, is largely dependent on oil, which provides over 95% of its total economic output.
“There is momentum in reconstruction and this can only be achieved by increasing the production,” Abdulsadek said, while stating that the objective is to raise it to 2 million barrels per day, not just to 11.6 million. As per the National Oil Corporation (NOC), the current production capacity stands at 1,413,372 barrels per day.
Speaking at the Libya Energy and Economy Summit (LEES) in Tripoli, Abdulsadek stated that the bidding round would comprise 15–21 blocks and three basins, Sirte, Murzuq and Ghadames. According to Farhat Bengdara, the former head of the NOC, the North African country’s last round of bidding for concessions for oil and gas exploration was announced 17 years ago.
Bengdara also stated that more than 65% of Libya’s territorial waters and 70% of its land area remain unexplored. Bengdara resigned, and Masoud Sulaiman, a member of the NOC Board of Directors, took his place.
Abdulsadek clarified that the date for the bid round licensing announcement would be announced following the government of national unity meeting’s approval “because both the oil ministry and NOC have completed their work.”
As “not just to increase the production but to preserve the current production rates,” he stated that the government would collaborate with its partners to supply the USD 3–4 billion.
Turkey’s state-owned Turkish Petroleum Corporation (TPAO) is now ready to invest in Libya’s energy sector, banking on the country’s vast untapped resources, General Manager Ahmet Turkoglu said during the LEES, while attending a panel discussion titled “Libya: At the Nexus of the Global Energy Trade.”
He further underscored TPAO’s renewed interest in Libya as part of its global expansion strategy.
“We are here because we see great potential. I am sure Libya will achieve much more,” Turkoglu said, citing the North African nation’s ambition to boost oil production to 2 million barrels per day. The official further reiterated Ankara’s confidence in Libya’s energy prospects, stating that TPAO is ready to commit significant investments.
Turkoglu also highlighted Libya’s offshore energy sector as a promising area for exploration and development, describing existing fields and brownfields as holding immense opportunities. TPAO is prepared to secure contracts for both new exploration blocks and existing ones to enhance their performance and efficiency.
Turkoglu however, emphasised the importance of competition and transparency in Libya’s energy market to attract foreign investment, while pointing out challenges faced by foreign investors in the North African country, thereby calling for straightforward, competitive, and transparent market access to allow for broader participation and contribution to the nation’s economic growth.
“We need to create a win-win environment where both Libya and investors can thrive,” he said, stressing the need for improved sustainability, predictability, and financial compliance, while expressing optimism about Libya’s energy future, providing a balanced environment benefiting both the country and its investors.