(MENAFN) Libyan Oil Minister Abdelbari Al-Arussi unveiled plans to float tenders for oil concessions by the end of this year, AFP reported.
Arussi also disclosed that the government plans to request a hike in its OPEC production quota, from the current level of 1.7 million barrels per day (bpd) to 1.5 million bpd.
The minister said there is "strong demand" from oil majors seeking to work in Libya, and described Libya as "a promising country with large surfaces that have not been explored yet, both on land and at sea."
Libya's last energy concessions, the fourth in the country's history, were granted in 2007 for natural gas exploration.
The North African country's oil production was almost completely stopped as foreign companies and experts fled Libya in the wake of its revolution, but it has since almost recovered to its pre-war level of 1.6 million bpd.
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