BP, NOC to explore Libyan oilfields redevelopment

bp announced it 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 oilfields rank among Libya’s largest, with Sarir discovered in 1961 and Messla in 1971.

bp and Libya’s National Oil Corporation signed an MoU related to redevelopment of two giant oifields in the Sirte basin. (Photo: bp)

The scope of this MoU is a significant potential addition to bp’s Libya portfolio. bp re-entered Libya in 2007, when it signed an Exploration and Production Sharing Agreement (EPSA) covering exploration areas A and B (onshore) and area C (offshore) with Libya’s NOC. The EPSA was later put on hold following the declaration of force majeure.

In 2022, Eni acquired a 42.5% and assumed exploration operatorship of the EPSA, with bp retaining a 42.5% interest and the Libyan Investment Authority holding the remaining 15%. In 2023, Eni and bp formally lifted the force majeure, resuming exploration operations in the onshore areas.

This latest 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 programs.

“This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector,” said William Lin, bp executive vice president gas & low carbon energy. “We hope to apply bp’s experience from redeveloping and managing giant oilfields 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.”