Deepwater opportunities ahead in Libya’s energy revival

AMP
7 days ago
2 min read

Libya is entering a decisive new chapter in its exploration landscape, marked by a wave of renewed investment and drilling momentum from major international players.

After a decade of interruptions caused by security challenges, global operators have returned with ambitious offshore and onshore plans that could reshape the country’s energy outlook.

One of the most anticipated milestones is a deepwater exploration well scheduled for early 2026 in the Sirte Basin, Libya’s historic hydrocarbon heartland and the source of its light, sweet crude, prized for its low sulfur content.

This well is part of a broader campaign led by Eni and BP, which resumed exploration activity after Libya’s National Oil Corporation (NOC) lifted force majeure in 2024, according to Argus.

Their program includes three exploration wells across Areas B, C, and A.

Although the first well drilled in the Ghadames Basin did not yield commercial quantities, the companies are pressing ahead with additional drilling planned for 2026.

Eni, the country’s largest producer, is also advancing offshore work in Area D near its established production facilities, ensuring rapid tie-in potential should discoveries prove successful.

Key developments in Libya’s exploration surge

Eni and BP will drill a deepwater exploration well in the Sirte Basin during the first quarter of 2026.
Their multi-well campaign began in late 2024, targeting both gas and liquid-rich prospects.
A Ghadames Basin exploration well did not produce commercial volumes, but further wells are scheduled.
Eni continues drilling offshore in Area D, with another well planned immediately afterward.
Repsol is advancing a nine-well onshore program in the Murzuq Basin, with one confirmed successful discovery.
NOC announced six new onshore finds this year, including contributions from OMV and Sonatrach.
Libya will reveal the winners of its first upstream licensing round in nearly two decades in early 2026.
Companies shortlisted include ExxonMobil, Chevron, Shell, BP, TotalEnergies, and Eni.
Several firms have signed preliminary bilateral agreements with NOC to explore new acreage and potentially redevelop mature fields.

These renewed exploration efforts are not simply contractual obligations.

According to NOC officials, international companies are “genuinely eager to explore,” recognizing Libya’s strategic position and untapped geological potential.

The revival aligns with national goals to increase crude output from about 1.4 million b/d to 2 million b/d and to boost natural gas production significantly over the coming years.

For drilling operators, service companies, and equipment suppliers worldwide, Libya’s resurgence signals an expanding market where advanced technology and reliable high-pressure drilling systems will play a decisive role.