Fossil Energy
Libya’s National Oil Corporation (NOC) has discussed exploration plans with a consortium comprising Spain’s Repsol, Turkey’s Türkiye Petrolleri A.O. (TPAO) and Hungary’s MOL Group for an offshore block in the Sirte Basin.
Libya is seeking to expand its hydrocarbon reserves and attract international investment.
The discussions, announced by NOC on Wednesday, focused on the consortium’s proposed exploration programme for the second quarter of 2027.
The companies secured an exploration licence for offshore Block 22 in January, covering a deepwater area in the Sirte Basin where water depths reach up to 2,000 metres.
The proposed programme includes a three-dimensional seismic survey covering 2,676 square kilometres, alongside a 1,500-kilometre linear seismic survey.
The surveys are intended to improve geological understanding of the block and support the identification of potential oil and gas resources.
The licence forms part of Libya’s efforts to revive exploration activity after years of political instability and disruptions to its petroleum industry. The country’s latest bidding round was its first since 2007, reflecting a renewed effort to attract international energy companies into its upstream sector.
Libya remains heavily dependent on hydrocarbons, with oil accounting for more than 95% of its economic output, according to the information provided by NOC.
Before the NATO-backed uprising that toppled Muammar Gaddafi in 2011, the OPEC member was producing approximately 1.6 million barrels of oil per day.
