Libya's New Frontier: NOC, Eni & BP Launch First Deepwater Exploration Well

Key Facts and Milestones

Metric	Detail	Significance
Project	Libya's first-ever deepwater exploration well.	Opens a new frontier beyond mature onshore fields.
Location	Offshore Sirte Basin, specifically Block 38/3.	Targets the hydrocarbon heartland of Libya, but in a previously unexplored deepwater section.
Water Depth	Approximately 1,900 metres.	Defines it as a deepwater operation that requires specialised technology.
Distance	Around 170 kilometres from the Libyan coast.	Logistical complexity managed through high-level planning.
Timeline	Scheduled to be drilled in January [2026].	Marks a definitive start to the deepwater campaign.
Consortium	NOC (National Oil Corporation) with Eni–BP and the Libyan Investment Authority (LIA).	Underscores sustained interest from major IOCs despite political risks.

Operational Focus and Strategic Impact

The preparatory meeting, held in Tripoli, focused on operational readiness and safety and involved major international service companies.

• Technical Readiness: Participants reviewed multiple operational scenarios and the technical capabilities of the companies involved to ensure execution meets the highest technical and health-and-safety standards.

• Strategic Goal: The initiative aims to unlock Libya's deepwater hydrocarbon potential, an area with strong geological indicators but a limited exploration history.

• Economic Outlook: Successful drilling results in the Sirte offshore basin could significantly expand Libya's exploration frontier and attract further foreign investment, potentially reshaping the country's medium-term production outlook.

  
  

Industry observers view this deepwater campaign as the beginning of a "new chapter" for the Libyan energy sector.

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