Libya announces new oil and gas discoveries in northern and southern regions

Libya announced three new oil and gas discoveries in the north and south of the country, Ashrouq reported on April 9, citing the head of the National Oil Corporation (NOC), Masoud Suleiman. 

The NOC said the discovery will boost production and support Libya’s position as a reliable energy supplier both regionally and globally. Suleiman said that these discoveries reflect the vast potential of Libya's oil and gas sector.

The first discovery is an oil find in the Murzuq Basin (southwest), with an initial production rate of 763 barrels per day. The second discovery is a combined gas and oil find in the Ghadames Basin (northwest, near the Algerian border), with output of 13mn cubic feet of gas per day and 327 barrels of condensate per day. The third discovery is located offshore in the northwestern part of the country, where gas flows range from 14 to 24mn cubic feet per day.

According to Suleiman, the results are part of a strategic partnership with the Spanish company Repsol (MSE:REP), the Italian energy major Eni (BIT:ENI), and the Algerian state-owned group Sonatrach. He noted that the discoveries will encourage the NOC to continue developing the country’s resources and strengthen Libya's role as a reliable energy supplier.

In December 2022, the Libyan government lifted the force majeure status on oil and gas exploration operations, which had been declared in November 2022 due to security concerns, encouraging international oil companies to return.

Libya's current oil production exceeds 1.4mn barrels per day, according to the latest figures from the NOC. The country relies on oil sales for 90% of its budget financing.