Libya hosted a promotional meeting in Istanbul to attract global investors for 22 oil and gas exploration and production blocks.
The Istanbul event followed similar roadshows in Houston and London after Libya launched the bid round on March 3.
Libya is offering 22 blocks—11 onshore and 11 offshore—covering 235,267 km².
The blocks hold an estimated 1.63 billion barrels of oil equivalent in discovered reserves and will be offered under a Production Sharing Agreement (PSA).
Libya plans to open the bid on November 15 and sign contracts between November 22 and 30.
Oil and Gas Minister Khalifa Abdulsadek invited investors to explore key basins like Sirte, Ghadames, and Murzuq, with Kufra as a future option.
He said this is Libya’s first bid round in 17 years and features improved investor terms.
He also emphasized Libya’s growing stability and encouraged foreign firms to resume exploration activities.
He also invited investors to support Libya’s oil and gas vision.
NOC Chairman Masoud Suleman highlighted strong Libya–Türkiye ties and emphasized mutual benefits from partnerships.
He said the 22 sites offer flexible terms to foster international cooperation.
He stressed the need for knowledge-sharing and joint efforts to meet global energy demand.
Libya produces about 1.4 million barrels of oil per day and aims to reach 2 million in three years.
Libya and Türkiye strengthened energy ties through maritime and exploration deals in 2019 and 2022.
source: www.aa.com.tr
