The official presentation of the results of the new round of international tenders launched by the National Oil Corporation (NOC, Libya's state-owned oil company), the first since 2008, for the allocation of oil and gas exploration areas, concluded today in Tripoli. The second offshore block awarded is Area 07, located in the Gulf of Sidra, off the north-central coast of Libya. The winning bid includes a 25% profit-oil share, 400 kilometers of 2D seismic arrays, and 1.000 square kilometers of additional 3D seismic arrays, with a two-year development plan. The initial offer indicated a profit oil share of 28 percent, which was manually revised by the company's legal representative to 25 percent during the public session. The work program includes 600 kilometers of 2D seismic, 100 square kilometers of 3D seismic, and a two-year development plan.

Source: Libya Today February 11, 2026 12:16 UTC