UPDATE 1-Libya nears final stage of oil exploration bid round, NOC says

Foreign investors have been wary of putting money in Libya, which has been in a state of chaos since the overthrow of Muammar Gaddafi in 2011.

Libya's National Oil Corporation said it is approaching the final stage of a public exploration bid round, with companies expected to submit offers and open bids in February 2026, according to a statement on Thursday.

The bid round, the first in over 17 years, covers 22 areas for oil exploration and development, including 11 offshore and 11 onshore blocks, oil officials said. The bidding round, announced on March 3, comes as Africa's second-largest oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC) seeks to raise its oil output.

"It will boost Libya's crude oil and gas reserves, supporting higher production and providing a measure of economic security for Libyans," NOC said. Foreign investors have been wary of putting money in Libya, which has been in a state of chaos since the overthrow of Muammar Gaddafi in 2011. Disputes between armed rival factions over oil revenues have often led to oilfield shutdowns.

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