Bids will be opened in public on the day of submission. Exploration and production sharing agreements (EPSAs) are expected to be signed between NOC and the successful bidders in January 2007.

NOC is offering the same EPSA-IV contract model that was used in its two previous post-sanctions bid rounds, when 38 licences were awarded (MEED 7:10:05) .

Tripoli is seeking to raise oil production to about 2 million barrels a day (b/d) by 2007 and 3 million b/d by 2015 from about 1.7 million b/d in 2005. Libya has proven oil reserves of about 39,100 million barrels.