Libya Initiates First Oil Bidding Round in 17 Years

Libya is preparing for its first oil exploration bidding round in over 17 years, as declared by Masoud Suleman, acting Chairman of the National Oil Corporation. This initiative positions Libya, a key African oil producer within OPEC, to bolster its oil industry amidst global energy discussions.

Libya is set to hold its first oil exploration bidding round in more than 17 years, according to Masoud Suleman, the acting Chairman of the National Oil Corporation, who made the announcement in a televised address on Monday.

As Africa's second-largest oil producer, Libya is a significant member of the Organization of the Petroleum Exporting Countries (OPEC). This initiative marks a major step for the country in enhancing its oil output and enticing global investors.

The move comes at a time when the global energy market is in flux, and Libya seeks to capitalize on its abundant resources to boost economic growth and stability.

(With inputs from agencies.)