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Eni & BP Commence Libya’s First Deepwater Drilling in 17 Years

  • Writer: Omar Aininou
    Omar Aininou
  • Feb 3
  • 2 min read


Executive Summary

Italian energy major Eni and UK-based BP have officially commenced drilling operations at the Matsola exploration prospect in the Sirte Basin. Confirmed on January 22, this marks Libya’s first deepwater offshore well in 17 years, signalling a major return of international activity to the country's offshore sector following a period of improved stability.


Technical Specifications

  • Prospect Name: Matsola (located in Contract Area 38/3).

  • Rig Deployed: The Saipem 10000 drillship is conducting the operation.

  • Target Depth: The well is being drilled in water depths of 1,900 meters, with a target total depth of 4,500 meters below the seabed.


Partnership Structure & Future Commitment

The drilling campaign is part of a Joint Venture (JV) aimed at revitalising Libya's exploration landscape:

  • Eni (Operator): 42.5% stake.

  • BP: 42.5% stake.

  • Libyan Investment Authority (LIA): 15% stake.

  • Future Plans: The JV has committed to drilling a further 16 wells across both onshore and offshore areas. Additionally, BP has confirmed plans to reopen its office in Tripoli.


Production Goals & Strategic Context

  • Current Output: Libya pumped 1.26 million barrels per day (bpd) in December, according to S&P Global Commodity Insights.

  • 2025 Milestone: Production hit a 12-year high in 2025 due to new wells and enhanced security.

  • Long-Term Target: Officials are targeting 2 million bpd by 2028.

  • Sector Interest: The resumption of deepwater drilling coincides with Libya’s first post-revolution licensing round, attracting renewed interest from global giants like Shell and ExxonMobil.

  • Economic Impact: Oil currently accounts for 98% of Libya’s national income.


Legal Disclaimer:

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