Libyan oil company opens bids for foreign investment, sparking public anger

The Libyan National Oil Corporation (NOC) has announced plans to invite foreign investment in the oil and gas sector, a move that has sparked controversy over whether it represents a waste of national resources or a genuine effort to develop the industry, Arabi21 reported.

The corporation announced plans to attract foreign investors by offering around 22 on and offshore exploration areas in 2025. It noted that no public bidding round has been held for over 18 years.

However, the decision has been opposed by committees within parliament and the High Council of State. The parliament’s Energy Committee deemed the initiative unlawful, insisting it requires parliamentary approval. It called on the oil corporation to provide details on the bidding process to ensure the country’s interests are safeguarded.

Similarly, the National Consensus Bloc in the High Council of State strongly criticised the move, describing it as a reckless waste of national oil wealth and a serious threat to Libya’s energy security. In a statement, the bloc accused the government of adopting a questionable approach in the bidding round, saying it follows a “policy of oil in exchange for survival” and constitutes a “full-fledged crime” that violates national laws.

However, Minister of Oil and Gas in the Government of National Unity, Khalifa Abdul Sadiq, defended the decision, asserting that it reflects the government’s commitment to developing the vital sector and strengthening its role in the national economy. He stated that the bidding round is not merely an investment opportunity but a clear signal that Libya is making a strong return to the global stage after years of challenges, backed by a more stable environment and a vision aimed at attracting major international companies through a more advanced and transparent framework.

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