Libya’s upstream caught between hope and caution

The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation

Libya has extended by six months the deadline for bids for its oil and gas exploration round, amid concerns among potential bidders over continuing political turbulence in the country. The exploration round was announced in March and is the first for 18 years, offering 22 concessions, split evenly between onshore and offshore. Several leading IOCs have declared an interest in bidding, but the extended deadline, with no sign of when the winning bids will be announced, may not inspire confidence. Political turbulence Libya’s bidding round is the first to be launched since the EPSA-4 round in 2007, with the National Oil Corporation (NOC)—which controls state oil operations—hoping it will help p