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Italy’s energy giant Eni and Qatar’s state-owned oil and gas giant QatarEnergy have won an offshore exploration license off the coast of Libya, North Africa.
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A concession regarding the offshore exploration License O1 has been granted to a consortium led by Eni (60%) in partnership with QatarEnergy (40%), following the competitive 2025 open licensing round held by the Libyan national oil company (NOC). This award is perceived to mark a significant step forward in strengthening the Italian firm’s upstream position in the country.
Covering approximately 29,000 square kilometers in water depths of up to 2,000 meters, the block lies in the offshore extension of the prolific Sirte Basin, offering notable exploration potential, including wide areas without 3D seismic coverage that could host additional hydrocarbon accumulations.
The block also features various hydrocarbon indications, encompassing stranded oil and gas discoveries. Eni will operate the concession, with the consortium holding a 100% stake during the exploration and development phases.
The Italian player and QatarEnergy plan to conduct 2D/3D seismic acquisition and drilling activities over the first five-year exploration period. The agreement is expected to be formally signed in Tripoli before the end of February, in the presence of representatives from NOC and the consortium partners.
Commenting on the award, Saad Sherida Al-Kaabi , Qatar’s Minister of State for Energy Affairs, President and CEO of QatarEnergy, highlighted: “We are pleased to be awarded this exploration block and enthusiastic about the prospects of Libya’s offshore upstream sector and about expanding our upstream footprint in North Africa.
“I would like to take this opportunity to thank and congratulate the Libyan authorities on the success of this bid round. We look forward to a collaborative and productive relationship, working alongside the Libyan authorities and Eni to deliver a successful exploration program.”
Eni had equity hydrocarbon production of around 162,000 barrels of oil equivalent per day last year in the North African country. This license represents QatarEnergy’s first entry into Libya’s upstream sector.
This license award comes shortly after Eni celebrated the first liquefied natural gas (LNG) shipment from the second phase of its LNG project offshore Congo.
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about 5 months ago
Italy’s energy giant Eni and Qatar’s state-owned oil and gas giant QatarEnergy have won an offshore exploration license off the coast of Libya, North Africa.
