By: AGBI

Libya is scheduled to open its first oil exploration bids in over 17 years in February, the National Oil Company have said.

The state-owned energy company is nearing the final stage of the bid round, as it holds meetings with companies worldwide to provide clarification on technical and legal aspects.

The bidding round, which was announced in March, is for 11 offshore and 11 onshore oil exploration concessions, a statement said. 

These will increase Libya’s crude and gas reserves, leading to higher production and assuring economic security to Libyans, NOC said.

In October Zallaf, an exploration and production subsidiary of NOC, said it was building a refinery with a capacity of 30,000 barrels per day (bpd) in the desert oasis town of Ubari.

Libya, which is a member of Opec but excluded from quotas, has five main oil refineries, the largest of which is Ras Lanuf on the northern Mediterranean coast, with a capacity of 220,000 bpd.

Libya produces nearly 1.4 million bpd of crude, more than triple its output five years ago, according to the NOC website. The output target is 2-3 million bpd.