Eni and BP resume exploration activities in Libya

The Libyan National Oil Corporation (NOC) announced that Eni has commenced drilling in the Ghadames Basin, specifically at well A1-96/3. A move that marks a key milestone as the first contractual obligation in Area B under the EPSA IV established in 2007, underscoring the long-term commitment of both companies to Libya’s energy sector.

The Ghadames Basin is considered geologically promising, and NOC’s statement highlights the potential for oil and gas discoveries at this depth. The well is anticipated to reach approximately
10,327 feet (3,147 meters) and is strategically located about 35 kilometers from the existing Wafa field, enhancing the operational synergy in the region.

Mellitah Oil & Gas, leveraging its extensive experience from the commissioning and development of the Al Wafa field, is overseeing all drilling and execution activities related to this well.

In addition to Eni and BP’s endeavors, the NOC revealed that other international players are also gearing up to restart operations in Libya. Spanish company Repsol is preparing to resume drilling in the Murzuq Basin, while Austria’s OMV is set to kick off activities in the Sirte Basin in the coming weeks.

This renewed exploration activity signals a revitalisation of Libya’s oil sector, potentially leading to increased production and economic growth.

The collaboration between NOC and international oil companies reflects a commitment to reinvigorating the industry and positioning Libya as a competitive player in the global energy market.

“The resurgence of exploration activities in Libya represents a significant opportunity to engage
with a revitalized energy market. With international companies like Eni and BP returning to the region, this shift may create new avenues for investment and collaboration. Eltumi Partners is committed to providing clients with the insights and support needed to navigate these developments effectively, helping them leverage potential growth and establish a foothold in Libya’s flourishing oil & gas sector,” said Tarek Eltumi, Founder and Partner at Eltumi Partners.

Formerly a partner at the London offices of Hogan Lovells International LLP and general counsel at the Libyan branch of AECOM Inc., Tarek Eltumi has substantial experience advising international upstream energy companies, commercial banks, multilateral lending agencies, contractors, project sponsors and developers. He has advised various international energy players on EPSA contacts with Libya and continues to be a key point of contact for IOCs regarding their operations in Libya.

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