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Libya’s Oil Minister, Khalifa Abdulsadiq, has announced plans to launch a second oil bidding and licensing round to strengthen the country’s oil sector.
The decision follows strong interest from international companies in the current round. That round includes 22 onshore and offshore oil blocks.
Strong Interest Encourages New Round
Abdulsadiq made the announcement on Saturday at the Libya Energy and Economic Summit 2026 in Tripoli.
According to him, the government is almost certain to proceed with another round.
“The second bidding round is nearly 90 percent certain,” he said. “It will help move the sector forward.”
Meanwhile, he spoke during a roundtable organised by the British–Libyan Business Council.
Current Process Builds Confidence
The oil minister said the ongoing licensing round has exceeded expectations.
“At first, many people doubted our ability to meet our commitments,” he said. “However, we proved them wrong.”
He added that officials will release the final results next month. As a result, the process is now close to completion.
Oil Remains Key to the Economy
According to Abdulsadiq, global interest shows confidence in Libya’s energy sector.
In addition, he said maintaining this momentum remains essential.
“Libya depends on oil and gas for about 95 percent of its revenue,” he said. “Therefore, we must protect and manage the sector carefully.”
He stressed that regular bidding rounds help ensure long-term stability.
Broader Plan for Growth
The licensing round forms part of a wider government strategy to boost production and attract long-term investment.
At the same time, Libya continues to develop unconventional resources and marginal oil fields.
In addition, the government is signing agreements with international companies to explore new areas that remain undeveloped.
According to Energy Capital & Power, these steps aim to support growth and improve confidence in the oil sector.
