Oil Review reported on Monday that Libya is set to open a licensing round for oil and gas in early 2025, targeting concessions in the Murzuq, Ghadames, and Sirte basins.
The site noted that this initiative comes as the region is already attracting investor interest, with over 30 companies expressing intentions to produce 2 million barrels of oil and 4 billion cubic feet of natural gas daily within the next three to five years.
According to the site, the National Oil Corporation has intensified maintenance efforts to boost production from at least 36 wells and has initiated a $17 to $18 billion project to identify 45 new projects to meet production goals. Additionally, Sirte Oil Company has announced a recent gas discovery.
The site further reported that a consortium including Eni, TotalEnergies, and the Abu Dhabi National Oil Company is developing and exploring oil and gas fields in the NC-7 block in the Ghadames basin, targeting 2.7 trillion cubic feet of gas to enhance local production.
In May of this year, $1.23 billion was allocated for the development of the NC-7 block, managed by a consortium led by the Italian multinational energy company Eni, aiming to generate revenue from 2.7 trillion cubic feet of gas in the Ghadames basin.
