A Gulf report indicates Libya has announced the discovery of three new oil and gas fields. This comes amidst efforts to increase production.
An economic report highlighted Libya’s recent announcement. The country has discovered three new oil and gas fields. This is part of its ongoing efforts. Libya aims to increase hydrocarbon production. It also seeks to enhance its capabilities in the energy sector. The “Arab Gulf Business Insight” website published this report.
Discovery in Ghadames Basin with Sonatrach
The National Oil Corporation (NOC) announced a new discovery. Algerian company Sonatrach partnered in this effort. They found gas and oil in the Ghadames basin. This is located in northwestern Libya. The field’s daily production is 13 million cubic feet of gas. It also yields 327 barrels of condensates. This information comes from a report monitored by Al-Marsad newspaper.
This is Sonatrach’s sixth drilled well. Eight wells are planned in total. The wells are part of an exploration and production sharing agreement. This agreement was signed in May 2008.
Oil Discovery in Murzuq Basin
The NOC also announced another oil discovery. Spanish company Repsol collaborated on this. The discovery is in the Murzuq basin. This basin is 800 kilometers south of Tripoli. It has an average production of 763 barrels per day.
The two companies signed an exploitation agreement in 2008. This agreement aims to develop exploration and production activities. It focuses on this specific basin.
Offshore Gas Discovery with Italian Eni
The NOC and Italian company Eni announced an offshore gas discovery. It is located 95 kilometers off the Libyan coast. This discovery signifies continued activity. It highlights efforts in both offshore areas and onshore basins.
Agreements and Licenses Support Expansion
Libya signed a long-term development agreement last January. It is valued at $20 billion. French TotalEnergies and American ConocoPhillips are partners. The goal is to boost production capacity. This focuses on the Al-Waha oil project. Al-Waha is one of Libya’s largest oil projects.
Libya plans a second licensing round. This targets the upstream sector. The decision follows a strong response to the 2025 round. Khalifa Abdelsadeq confirmed this. He is the Minister of Oil and Gas in the Dbeibah government. The first round attracted over 50 companies. Many of these were major international oil firms.
Investment Caution Persists Despite Sector Importance
Libya is one of Africa’s largest oil producers. It is also an OPEC member. The country remains a key player in the energy market. However, foreign investors remain cautious. They hesitate to inject funds into Libya. This is due to ongoing instability. The instability has persisted since Muammar Gaddafi’s overthrow in 2011.