On Wednesday, the Chairman of the National Oil Corporation (NOC), Farhat Bengdara, discussed increasing oil production in a meeting with the local manager of the Spanish company “Repsol” at the NOC headquarters in Tripoli.
Repsol is set to commence exploration drilling activities in the contracted area in the Murzuq Basin by early April 2024. This development, announced during a pivotal meeting between the NOC and Repsol representatives, marks a notable step in Libya’s ongoing efforts to bolster its oil exploration and production sectors.
Abdel Moneim Battikh, the NOC’s Director of Exploration, confirmed that Repsol is “already laying the groundwork for the drilling operations, signalling a proactive approach toward exploiting the untapped potential of the Murzuq Basin.” This project is part of Libya’s broader strategy to revitalize its oil industry, which has faced numerous challenges in recent years, given the political instability and security concerns.
The Murzuq Basin, located in the southwestern part of Libya, is a region with significant hydrocarbon prospects. The discovery of oil in this basin could substantially enhance Libya’s oil output, given that the country already holds the largest proven oil reserves in Africa. The success of Repsol’s drilling operations could be transformative for Libya’s economy, heavily reliant on oil revenues.
