Oil majors highlighted Libya’s immense hydrocarbons potential during Libya Energy & Economic Summit 2025
“With 40% of Africa’s reserves, Libya remains largely untapped,” said Julien Pouget, Senior Vice President for the Middle East and North Africa at TotalEnergies. Speaking of the company's plans for the year in Libya, which includes several exploration activities, notably kickstarting work on the Waha and Sharara fields, Pouget said, "“We expect results next week.” TotalEnergies has also reported promising opportunities in the Sirte and Murzuq basins.
Set to launch three exploration plays in the region – shallow, deepwater and ultra-deep offshore, Eni upstream director Luca Vignati expressed the company's high anticipation of Libya. "No other country offers such opportunities,” he said. Oil exploration besides, Eni is highly invested in Libyan gas with the US$10bn Greenstream pipeline and a CO2 capture and storage plant in Mellitah.
Lauding Libya's efforts in fighting natural field decline and encouraging exploration, Repsol's executive managing director, exploration & production, Francisco Gea showed faith in achieving the country's production targets. “We have reached 340,000 barrels per day. The two million target is within reach, and as international companies, we have the responsibility to bring capacity and technology,” he said. Repsol has just resumed drilling in Murzuq Basin onshore Libya.
Maximising production
Travis Purvis, senior vice president of global drilling operations at Nabors, stressed on the adaptation of innovation and cutting edge solutions to maximise production and accelerate exploration, while reducing costs and enhancing safety. With ambitions to double oil production, Libya is also prioritising licensing rounds, inviting both domestic companies and international tenders.
Bashir Garea, Technical Advisor to the Chairman of the NOC, highlighted the country’s immense oil and gas potential. “We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said. He also pointed to Libya’s sizable gas reserves, noting, “Libya has 122 trillion cubic feet of gas yet to be developed. To unlock this potential, we need more investors and new technology, particularly for brownfield revitalisation.”
“Our strategy spans the entire value chain. Strengthening infrastructure is essential to maximising production and efficiency,” said Hisham Najah, General Manager of the NOC’s Investment & Owners Committees Department.