Italy’s energy giant Eni and Qatar’s state-owned oil and gas company QatarEnergy have been awarded an offshore exploration license off the coast of Libya, marking a significant milestone in strengthening upstream operations in North Africa. The concession for offshore exploration License O1 was granted to a consortium led by Eni with a 60 percent stake, in partnership with QatarEnergy holding 40 percent, following the competitive 2025 open licensing round conducted by Libya’s national oil company (NOC). The award represents a significant step forward in strengthening Eni’s upstream position in the country.
The block covers approximately 29,000 square kilometers in water depths of up to 2,000 meters and lies in the offshore extension of the prolific Sirte Basin. The area offers notable exploration potential, including wide areas without 3D seismic coverage that could host additional hydrocarbon accumulations. The block also features various hydrocarbon indications, including stranded oil and gas discoveries.
Eni will operate the concession, with the consortium holding a 100 percent stake during the exploration and development phases. The Italian player and QatarEnergy plan to conduct 2D and 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.
Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, President and CEO of QatarEnergy, commented on the award: “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 Libya. This license represents QatarEnergy’s first entry into Libya’s upstream sector. The license award comes shortly after Eni celebrated the first liquefied natural gas (LNG) shipment from the second phase of its LNG project offshore Congo.
Source: offshore-energy.biz