On Thursday, the Exploration Department of Libya’s National Oil Corporation (NOC) held talks with representatives from Italy’s Eni. They discussed the progress of ongoing exploration initiatives, and ways to strategize for 2024.
The meeting, held in Tripoli, comes as part of a series of annual reviews aimed at bolstering Libya’s position in the energy market.
In a statement, the NOC confirmed that the discussions focused on Eni’s completed projects in 2023, which spanned seismic, drilling, and geological studies. As well as the exploration proposals for 2024 that Eni plans to undertake in Libya’s offshore and onshore areas, following the lifting of the force majeure.
NOC’s Exploration Head, Abdulmonem Al-Taykh, along with a cadre of specialists, met with Eni’s exploration manager Giuseppe Ricci, and his team. They were joined remotely by Eni experts in Milan, ensuring a comprehensive exchange of insights.
The NOC holds annual technical consultations with both local, and foreign partners to review the state of oil activities, explore new developments, and oversee production and exploration operations.
The NOC plays a critical role in the economy, contributing a substantial portion of government revenue and export earnings.
The sector has seen its fair share of challenges due to political instability and conflict, which have sometimes resulted in the declaration of force majeure on oil exports—a legal move that temporarily absolves the NOC from fulfilling contractual obligations, due to circumstances beyond its control.
In this volatile environment, international partnerships become crucial for Libya, as it seeks to stabilize and grow its oil production. Eni has been one of Libya’s most prominent partners in the energy sector.
The collaboration has focused on the exploration and development of oil fields, ensuring the continuity of production, and the identification of new reserves to safeguard the future of Libya’s oil output.