Oil & Gas Majors to Discuss Investment, Exploration Plans at Libya Energy Summit

Libya’s top international operators and the National Oil Corporation (NOC) will take center stage at the Libya Energy & Economic Summit in Tripoli next week for the panel Unlocking Libya: The Next Frontier for Exploration and Investment. The panel will spotlight strategies for driving new exploration, overcoming investment barriers and fostering sector growth, while sharing insights into the opportunities and challenges in this resource-rich yet underexplored market. Farhat Bengdara, Chairman of the NOC, will deliver a keynote address before the panel, followed by featured speakers from NOC, Eni, OMV, Repsol and TotalEnergies.

The NOC is rolling out 45 greenfield and brownfield projects across the oil and gas value chain, with plans to revamp infrastructure and reach a production target of 2 million bpd. Additionally, the NOC is set to launch a licensing round in Q1 2025 to attract new upstream investment in onshore and offshore exploration blocks, and is expected to discuss its strategic initiatives and role in shaping Libya’s energy future at the upcoming summit.

The Libya Energy & Economic Summit is set to take place in Tripoli on January 18-19, 2025. The event will bring together industry leaders, investors and policymakers, aiming to foster dialog, secure investments and support the growth of Libya’s energy and infrastructure sectors.

Eni recently resumed onshore exploration with the A1-96/3 well in the Ghadames Basin and ongoing activities in Area B. Eni’s US$8 billion Structures A&E Project, set to produce 750 million cubic feet per day by 2026, will play a critical role in meeting domestic energy needs and supporting Libya’s economic diversification goals.

OMV remains a key player in Libya’s upstream sector, recently resuming exploration activities in the Sirte Basin with the drilling of the Essar well in the C103 license. The company is advancing plans to drill another well using an infrastructure-led approach and is partnering in the Murzuq Basin to expand its footprint.

Repsol’s is expanding its exploration footprint in Libya, planning to drill nine wells by November 2025, with ongoing activities in contract blocks NC115 and NC186. Repsol aims to achieve 350,000 bpd by the end of 2025, maximizing resource potential in key concessions.

TotalEnergies contributes around half of Libya’s oil production. At the Waha fields, the company has focused on reducing gas flaring and methane emissions while advancing frontier exploration.