Symptomatic of the wider global glut in rig availability, U.S. newcomers ExxonMobil, Chevron, Occidental Petroleum, and the former Oasis Group (Marathon Oil, ConocoPhillips, and Amerada Hess) are finding themselves struggling to secure rigs on schedule for their expanding operations in the country, from exploring new blocks to revamping existing unproductive fields.

The demand is translating into high rates for contracted rigs, said Ryad Sunusi, interim President & CEO of the Phoenicia Group, during a conference call with investors, analysts, and the media from Tripoli, elaborating:

"Libya needs at least 40 rigs for the next 10 years to support IOC exploration programs, and this represents a great opportunity for the Libyan private sector to get involved, in forming JVs with overseas drilling and work over contractors, as outlined by GPC Decree 443/2006," he noted.

"We intend to capitalize on the opportunities and partner with international oil services companies to meet the demand, and laud the Libyan government's stance in its strong support and confidence in the Libyan private sector's capabilities of supporting the national oil sector."