World Oil
Eni is launching three exploration
plays, TotalEnergies is expecting promising results from its recent onshore
exploration project, and other developments were shared during an upstream
IOC-led panel at the Libya Energy & Economic Summit. Libya’s National Oil Corporation
(NOC) and international energy companies TotalEnergies, Eni, OMV, Repsol and
Nabors outlined key exploration milestones and strategies to advance oil and
gas production in Libya at the Libya Energy & Economic Summit 2025 on
January 18. Among
the key developments highlighted were TotalEnergies’ recent onshore exploration
project and promising exploration opportunities in the Sirte and Murzuq basins.
“With 40% of Africa’s reserves, Libya
remains largely untapped,” said Julien Pouget, Senior Vice President for the
Middle East and North Africa at TotalEnergies. Pouget shared TotalEnergies’
plans for 2025, including the completion of an onshore exploration project and
new exploration in the Waha and Sharara fields. “We expect results next week,”
he added. Luca
Vignati, Upstream Director at Eni, echoed optimism for Libya’s potential and
outlined the company’s ongoing investment initiatives in the country. “We are
launching three exploration plays – shallow, deepwater and ultra-deep offshore.
No other country offers such opportunities,” Vignati stated. He also
highlighted the company’s investments in gas projects, including over $10
billion for the Greenstream gas pipeline and a CO2 capture and storage plant in
Mellitah. Repsol
affirmed its commitment to advancing exploration in Libya, focusing on
overcoming industry challenges and achieving significant production milestones.
“Over the past decade, Libya has made
remarkable efforts to fight natural field decline and encourage exploration,”
said Francisco Gea, Executive Managing Director, Exploration & Production
at Repsol. “We have reached 340,000 barrels per day. The two million target is
within reach, and as international companies, we have the responsibility to
bring capacity and technology.”
“Innovation is key to maximizing
production and accelerating exploration. By deploying cutting-edge solutions,
Nabors can enhance efficiency, reduce costs and ensure safer operations,” added
Travis Purvis, Senior Vice President of Global Drilling Operations at Nabors.
Bashir Garea, Technical
Advisor to the Chairman of the NOC, highlighted the country’s immense oil and
gas potential. “We have 48 billion barrels of discovered but unexploited oil,
with total potential estimated at 90 billion barrels, especially offshore,” he
said. He also pointed to Libya’s sizable gas reserves, noting, “Libya has 122
trillion cubic feet of gas yet to be developed. To unlock this potential, we
need more investors and new technology, particularly for brownfield
revitalization.”
“Our strategy spans the entire value
chain. Strengthening infrastructure is essential to maximizing production and
efficiency,” said Hisham Najah, General Manager of the NOC’s Investment &
Owners Committees Department. NJ Ayuk,
Executive Chairman of the African Energy Chamber and session moderator,
underlined Libya as a prime destination for foreign investment: “Libya is at
the cusp of a new energy era. The time for bold investments and strategic
partnerships is now.”