Libya and Algeria are among Africa's top four oil producers, and alongside Egypt, are major suppliers of gas to Europe.
According to Reuters, NOC board member Mustafa Sanalla has said that the Libyan government should finish drafting a new oil law as an incentive to foreign oil companies by the end of this year or early next year. The government said last year it would seek to improve terms for foreign companies.
Sanalla added that the approval of that law would allow Libya to hold another round of bidding by the first half of next year. "Despite security worries, companies in Libya have drilled 40 development wells and 11 exploration wells this year," Sanalla said.
Libya has reserves of over 40 billion barrels, but analysts have warned that the country has some of the toughest terms in the business, which could deter investors when combined with security concerns.
Reuters reports that Exxon Mobil said in September it would cut back its staff and operations in Libya due to growing instability. However, European oil and gas companies still have a major presence in the country, and throughout the region.
Repsol regional director for Europe, Asia and Africa, Ferdinando Rigardo told Reuters the company was pushing ahead with development plans in Libya and Algeria.