Libya Announces Three Major Oil and Gas Discoveries with International Partners

Libya’s National Oil Corporation announced three new oil and gas discoveries in collaboration with international companies from Italy, Spain, and Algeria. The discoveries include gas in the Ghadames basin and offshore western Libya, as well as oil in the Murzuq Basin, with production rates ranging from 763 barrels of oil to 24 million cubic feet of gas per day. These findings strengthen Libya’s energy sector, which accounts for over 95% of the country’s economic output.

Libya’s state-run National Oil Corporation (NOC) has announced three significant new oil and gas discoveries in collaboration with major international energy companies from Italy, Spain, and Algeria, signaling a boost to the country’s energy sector and its position in the global oil and gas market. The announcements, made in separate statements, reflect Libya’s ongoing strategic partnerships with international energy firms and its continued reliance on hydrocarbon resources as the backbone of its economy.
The first discovery was made in the Ghadames oil basin, located in northwestern Libya near the Libyan-Algerian border, in partnership with a production subsidiary and Algeria’s state-owned energy company, Sonatrach. According to the NOC, initial tests indicate production rates of 13 million cubic feet of gas per day and 327 barrels of condensates daily. This discovery highlights the potential for cross-border energy cooperation in North Africa, leveraging expertise and infrastructure from both Libya and Algeria.
The second discovery involves Italy’s Eni North Africa in the western Libya offshore area, approximately 95 kilometers from the Libyan coast. Two separate tests conducted at the site showed gas flow rates of 14 million and 24 million cubic feet per day, demonstrating significant potential for offshore gas production. This discovery is expected to enhance Libya’s offshore energy capabilities and attract further investment in its maritime energy sector.
The third discovery was made in the Murzuq Basin, around 800 kilometers south of Tripoli, in collaboration with Spain’s Repsol Libyan branch, REMSA. Following exploratory drilling, tests showed a production rate of 763 barrels of oil per day. The Murzuq Basin is a key region for Libya’s oil exploration efforts, and this finding underscores the basin’s continued potential for contributing to the country’s overall oil output.
Libya’s economy remains heavily dependent on oil, with the sector accounting for over 95% of national economic output. These discoveries not only strengthen Libya’s production capacity but also reinforce its strategic importance to international energy markets. By continuing to work closely with global energy partners, Libya aims to maximize the potential of its oil and gas reserves while fostering economic growth and stability through its energy sector.