The National Oil Corporation (NOC) announced its intention to conduct a public tender with the aim of including the local private sector in investing in the Oil sector.
The NOC stated that it aims through the participation of the local sector, to improve the undeveloped marginal fields, that are small fields in which oil was discovered in small quantities, to raise their production capacity and increase production.
The Corporation mentioned that the Board of Directors will invite the local private sector in Libya to invest in marginal fields, by announcing a public tender.
The NOC added that the tender will take into account the standards of transparency and equal opportunity and that the offers will be referred for approval after technical evaluation and comparison.
The Oil sector represents more than 90% of Libya’s GDP and the NOC has recently been focusing on expanding investment partnerships in the industry.
Source: National Oil Corporation + Turkish Anadolu Agency