Investing.com -- After a hiatus of over 17 years, Libya is preparing to host its first bidding round for oil exploration. The announcement was made on Monday by Masoud Suleman, the acting Chairman of the National Oil Corporation (NOC), during a televised address.

As Africa’s second-largest oil producer, Libya is a significant player in the global oil market. It is also a member of the Organization of the Petroleum Exporting Countries (OPEC), an intergovernmental organization of 13 nations that coordinate and unify petroleum policies among member countries.

This upcoming bidding round marks a pivotal moment for Libya, given its long break from oil exploration activities. The process will provide an opportunity for oil companies to explore new oil fields within the country, potentially increasing Libya’s oil production capacity.

The National Oil Corporation, under the leadership of acting Chairman Masoud Suleman, will be overseeing this important event. Further details on the bidding round, including the date and terms of participation, are yet to be announced.

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