KEY POINTS
- Libya’s National Oil Corporation announced three new oil and gas discoveries with Sonatrach, Eni, and Repsol.
- Discoveries were made in the Ghadames basin, offshore western Libya, and the Murzuq basin.
- Libya relies on oil for over 95 percent of its economy, making the finds significant for output growth.
National Oil Corporation, NOC, has announced three new oil and gas discoveries in partnership with major energy companies from Italy, Spain, and Algeria, according to statements released by the state-run firm.
The discoveries were made across different basins in Libya and are expected to support the country’s hydrocarbon output. Libya’s economy depends heavily on oil and gas, which account for more than 95 percent of its economic output.
The first discovery was made in the Ghadames basin in northwestern Libya, near the Libyan-Algerian border. The exploration was carried out jointly with a production subsidiary and Algeria’s state-owned energy company, Sonatrach.
According to the NOC, the well recorded production rates of about 13 million cubic feet of gas per day and 327 barrels of condensates daily. The basin is considered one of Libya’s important hydrocarbon zones due to its proximity to regional energy infrastructure.
Offshore gas discovery with Italy’s Eni
The second discovery was made in collaboration with Eni North Africa, a subsidiary of Italy’s Eni. The offshore find is located approximately 95 kilometres from Libya’s western coast.
Two separate tests conducted at the site showed flow rates of 14 million cubic feet and 24 million cubic feet of gas, respectively, indicating commercially viable reserves.
The third discovery was made with Spain’s Repsol through its Libyan branch REMSA at exploratory wells in the Murzuq basin, located about 800 kilometres south of Tripoli.
Tests conducted after drilling showed a production rate of about 763 barrels of oil per day, according to the NOC. The discovery is expected to contribute to Libya’s ongoing efforts to boost production and attract foreign investment into its energy sector.
