Libya’s NOC sees E&P optimism through the anger

North African producer hopeful of bringing in IOCs despite the disagreements over terms as latest bidding round is launched

On the face of it, the launch of Libya’s first oil exploration bidding round for 17 years contains some solid prospects. The country is home to Africa’s largest oil reserves, and blocks on offer are adjacent to fields already producing. But security concerns and political headwinds may dampen enthusiasm among IOCs. Libya’s bidding round, announced in early March, is part of the National Oil Corporation’s (NOC) strategy to lure back foreign companies who fled the country’s wars and turbulence. But political question marks hang over the deal. Libya is split between rival governments in east and west, and the eastern government has yet to signal its approval. “Libya is open for business: