After a nearly 17-year pause, Libya is preparing to hold a bidding round for oil exploration.

The announcement was made on Monday in a televised speech by the interim president of the National Oil Corporation (NOC), Masoud Suleman.

As the second-largest oil producer in Africa, Libya is a key player in the global oil market and is also a member of the Organization of the Petroleum Exporting Countries (OPEC).

However, foreign investors have been cautious about investing in the country, which has been in turmoil since the overthrow of leader Muammar Gaddafi in 2011.

Disputes between rival armed factions over oil revenues have frequently led to the shutdown of oil fields.

In August, Libya lost more than half of its oil production, and exports were halted at several ports. The shutdown lasted for more than a month, with a gradual resumption of production in early October.

This new bidding round marks a crucial moment for Libya, given its long pause in exploration activities.

It will provide companies with the opportunity to explore new oil fields, which could increase the country's production capacity.

Article source: africanews