Libya to offer production sharing contracts under new oil bid round

Libya is set to offer 22 areas for oil exploration and development in its first such bidding round in more than 17 years, oil officials said on Monday, adding that deals will involve production sharing agreements.

The new bidding round, announced on March 3, comes as Africa's second-largest oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC) seeks to raise its oil output.