QatarEnergy has secured an offshore exploration license in Libya following the conclusion of the “Libya Bid Round,” marking the company’s first entry into the North African country’s upstream sector.
The results of the competitive bid process — the first held in Libya since 2007 — were announced on Wednesday by the National Oil Corporation (NOC), awarding exploration and production rights for offshore block O1 to a consortium of QatarEnergy (40% participating interest) and Eni (the operator, 60% participating interest).
Commenting on the award, His Excellency Mr. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, said:“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.”
H.E. Al-Kaabi added: “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.”
Located in the offshore Sirte Basin, block O1 covers an area of approximately 29,000 km² in water depths of up to 2,000 meters.
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