Libya has launched its first oil licensing round in over 17 years, offering 22 prime exploration blocks to international investors. The North African nation is seeking billions in foreign capital to revitalize its energy sector and ramp up crude output to 2 million barrels per day (bpd), a significant increase from the current 1.4 million bpd.

The announcement, made by Libyan oil officials at an investment forum in London, signals a major shift in strategy as the country looks to move past years of political turmoil and conflict that have long hampered its oil industry.

Massoud Suleman, Chairman of Libya’s National Oil Corporation (NOC), revealed that the available blocks are evenly split between onshore and offshore zones, located in some of the nation’s richest hydrocarbon basins including Sirte, Murzuq, and Ghadamis, as well as Mediterranean offshore areas.

The new licensing round, which officially opened on March 3, will operate under a revamped Production Sharing Agreement (PSA) model. This replaces the previously restrictive EPSA IV framework, which many investors had considered unattractive due to its stringent terms.

Libya’s Oil Minister, Khalifa Abdulsadek, emphasized the country’s urgent need for investment. We estimate that between $3 billion and $4 billion is required to reach our short-term production target of 1.6 million bpd.

Libya’s oil production has struggled to regain its pre-2011 levels due to frequent shutdowns caused by clashes between rival factions. Despite its vast reserves, foreign investment has remained limited amid the ongoing political uncertainty.

With this new investor-friendly bid round, Libya is betting on a new chapter one that positions its oil sector as a cornerstone for national recovery and economic growth.