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OPEC-member Libya will invite bids from global companies to manage its crude oil sales as the conflict-battered North African Arab nation steps up a push to regain its market share.
“The National Oil Corporation (NOC) is planning to issue a major global tender for specialised international companies to compete in fuel supply and crude oil sales,” said its chairman Masoud Suleiman according to Libyareview.com.
The NOC held an expanded meeting in Tripoli with senior state institutions, including the Attorney General, the President of the Audit Bureau, and the Governor of the Central Bank, to review Libya’s upcoming energy plans and ongoing coordination with international partners, including TotalEnergies.
Suleiman added that the company has signed a contract with the UK’s KPMG consultancy firm to modernise contract structures, ensuring they align with evolving energy market requirements and offer better guarantees for both Libya and potential bidders.
The officials also examined plans to upgrade domestic refineries in order to reduce reliance on fuel imports and strengthen Libya’s energy security.
In November, Suleiman said that around 40 companies had shown interest in participating in the North African country's current round of bidding for oil exploration rights.
Libya is offering 22 areas for oil exploration and development in its first such bidding round in more than 17 years, as it experienced a prolonged period of armed conflict and political turmoil.
Key destinations for Libya’s crude oil and refined products include Italy, Germany, Spain, and France, as well as China.
Libya’s crude exports averaged around 970,000 bpd in 2024, according to the NOC, which expects exports to grow as part of plans to boost output to 1.6 milion bpd.
(Writing by N Saeed; Editing by Anoop Menon)
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