QatarEnergy has secured an offshore exploration license in Libya following the successful conclusion of the Libya Bid Round, marking the company’s debut in the country’s upstream sector.
This win signifies a significant step for QatarEnergy as it expands its international operations and strengthens its position in the global energy market.
The results of the competitive bid process, the first to be held in Libya since 2007, were announced today by the National Oil Corporation (NOC), awarding the exploration and production rights for offshore block O1 to a consortium of QatarEnergy (40 percent participating interest) and Eni (the operator, 60 percent participating interest).
HE Saad Sherida Al-Kaabi Qatar Minister of State Energy Affairs President and CEO QatarEnergy
“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. 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.
Last month, QatarEnergy signed an agreement with the Lebanese government, TotalEnergies, and Eni in order to enter into an exploration block offshore Lebanon. Under the terms of the agreements, QatarEnergy will acquire 30 percent of Block 8, while TotalEnergies (the operator) and Eni will each hold 35 percent.
According to the reports, Block 8 is situated approximately 70 kilometers off Lebanon’s southern coast, at water depths ranging from 1,700 to 2,100 meters. As part of its initial work program, the consortium plans to conduct a 1,200 km² 3D seismic survey to evaluate the exploration potential of the area further.
