Libya discovers 1 trillion cubic feet of offshore gas in Bahr Essalam

Libya has announced a new offshore gas discovery estimated at around 1 trillion cubic feet, equivalent to approximately 28.3bn cubic metres (bcm),Akhbar Libya reported on March 18. The development is expected to strengthen domestic supply and support exports to Italy.

The National Oil Corporation (NOC) said the discovery followed drilling operations at two wells in the Bahr Essalam 2 and Bahr Essalam 3 areas by Italian energy major Eni (BIT:ENI).

According to the NOC, an accelerated development plan is underway to connect the new wells to the Bahr Essalam offshore platform, located 16km (9.9 miles) from the discovery sites.

The project is expected to add around 130mn cubic feet per day (mmcf), equivalent to about 3.7mn cubic metres (mcm) per day of gas production, and enhance Libya’s ability to meet both local demand and export commitments.

Eni (BIT:ENI) noted that the proximity of the wells to the existing Bahr Essalam field — the country’s largest offshore gas field, operational since 2005 — will enable rapid development through integration with existing infrastructure.

The discovery, estimated at around 1 trillion cubic feet (tcf), equivalent to approximately 28.3bn cubic metres (bcm), comes as Libya seeks to revitalise its oil and gas sector, which remains the backbone of the national economy and a primary source of government revenue. The country, a member of OPEC, holds the largest proven oil reserves in Africa.

In recent months, Libya has moved to boost exploration and production, awarding its first oil and gas licensing round in more than 17 years to several international companies, including Chevron (NYSE:CVX), Türkiye Petroleum (TPAO), Eni, and QatarEnergy (private).

Eni, present in Libya since 1959, currently produces around 162,000 barrels of oil equivalent per day (boepd), equivalent to roughly 25,800 cubic metres of oil equivalent per day.