BP returns to Libya after a long break

BP has signed a Memorandum of Understanding (MoU) with Libya’s National Oil Corporation (NOC) to evaluate redevelopment opportunities in the mature giant Sarir and Messla oilfields in Libya’s Sirte basin, including the exploration potential of adjacent areas, and to understand the wider unconventional oil and gas potential within the country.

The agreement provides a framework for bp to assess a range of technical data and to effectively work with NOC to evaluate presented opportunities and determine the feasibility of future development and exploration programmes.

Currently, oil production in Libya stands at approximately 1.385 million barrels per day (bpd).

Libya is a significant oil producer in Africa and a member of the Organisation of Petroleum Exporting Countries (OPEC), but its oil industry has been affected by chaos and conflicts between armed groups, leading to frequent production disruptions. Foreign investors have been reluctant to invest in Libya since the overthrow of Muammar Gaddafi in 2011. However, last year, several major oil companies returned to the country after a hiatus to resume exploration activities.

“This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector. We hope to apply bp’s experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets. We look forward to conducting thorough studies, working closely with NOC, to evaluate the resource potential of this promising region,” said William Lin, bp executive vice president gas & low carbon energy.

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