Sonatrach

Algeria's Sonatrach and NOC have signed two amendments to extend exploration periods in blocks within the Ghadames Basin in Libya, offsetting the force majeure pause in November 2023. The formalization of this process aims to restart Sonatrach's activities in Libya, particularly in exploration blocks 65 and 96/95 in the Ghadames basin.

Eni and bp

Eni and bp, in partnership with the NOC, have lifted force majeure status on onshore exploration Areas A and B as well as offshore Area C in the Ghadames basin in Libya in August 2023. Eni, bp and the Libyan Investment Authority jointly operate these areas. Force majeure, declared in 2014, was revoked after Eni conducted a Security Risk Assessment, confirming positive security conditions for exploration. Eni also plans to resume exploration activities focusing on areas near Wafa's gas facilities.

Equinor

Norway’s Equinor and the NOC signed a MoU committing to explore the oil and gas potential in Libya’s maritime territory. The agreement, signed in October 2023, aims to assess untapped energy resources, potentially boosting oil and gas production. Equinor, with a presence in Libya for over 29 years, currently holds interests in licenses within the Mabruk field (NC-17) and Murzuq basin (NC-186 and I/R field).

Oil India and ONGC

India’s Oil & Natural Gas Corporation (ONGC) and Oil India concluded an agreement with the NOC in February 2024 to re-establish their presence in Libya’s oil and gas sector, having exited in 2011 due to political instability. Before exiting, ONGC and Oil India, partnered with Indian Oil Corporation, were involved in exploring and developing Libya’s Block 81/1 and Block 102/4.

Repsol

Repsol, a Spanish oil exploration and production company, announced the resumption of its exploratory drilling activity in the Murzuq Basin in April 2024. The assets in this area have the potential to produce around 350.000 barrels of oil per day.

Following the success of the 2024 edition, the Libya Energy & Economic Summit is set to return for its third edition in 2025. This event brings together the entire energy sector along with other vital segments of the economy, aiming to foster partnerships for energy opportunity. For more information, visit https://libyasummit.com/.