Spanish energy giant Repsol has restarted oil exploration activities in Libya’s Murzuq Basin after a ten-year pause, signaling renewed confidence in the country’s energy sector. On December 31, 2024, the company commenced drilling the exploratory well A1-2/130, also referred to as Muammal Nasr. Located roughly 800 km south of Tripoli and 12 km from the strategic Sharara oil field, the well aims to tap into the Mumaniyyat formation, with drilling plans targeting a final depth of 1,844 meters.
This strategic move marks an important step for Repsol as it expands its operational footprint in Libya, a country with vast yet underdeveloped oil potential. The well's proximity to the prolific Sharara field is expected to create operational synergies, potentially accelerating oil output in the region.
The National Oil Corporation (NOC) has lauded Repsol’s return, emphasizing the importance of international operators in revitalizing Libya’s oil production. NOC officials stated that the recommencement of exploration and drilling by key global players reinforces Libya’s position as a pivotal player in the global energy market and plays a critical role in driving the country’s post-conflict economic recovery.
Repsol’s return aligns with a broader industry resurgence, as other international oil majors also renew their commitments to Libya. Italy’s Eni has resumed exploration in the Ghadames Basin, where it plans to drill the A1-96/3 exploratory well, targeting significant reserves in the area. British Petroleum (BP) has similarly reinitiated its onshore activities after years of halted operations, further strengthening investor confidence in the region.
These developments signal a positive trajectory for Libya’s oil sector, with increased foreign engagement expected to boost production levels and generate much-needed revenue for the nation. The NOC’s ongoing collaboration with international companies underscores its strategic efforts to stabilize and modernize the sector, ensuring Libya’s energy future remains competitive on the global stage.
