The National Oil Corporation (NOC) of Libya discussed British Petroleum’s (BP) intentions to expand its investments in Libya on Monday, particularly in the areas of exploration and development. The focus is on projects aimed at enhancing additional recovery rates in oil fields.
During a meeting between the NOC’s business development team and BP officials, discussions centred around BP’s plans to increase its presence in Libya’s oil sector.
BP representatives highlighted Libya’s potential as a key target for investment in oil exploration and field development, a move expected to boost the country’s oil production.
BP currently holds exploration and production agreements in three blocks: one in the Sirte Basin and two in the Ghadames Basin. These agreements are part of a joint venture with the Italian company Eni and the Libyan Investment Authority.
Additionally, BP is preparing to drill its first exploratory well in block B in the Ghadames Basin, marking another step towards deeper involvement in Libya’s oil sector.
The meeting emphasised BP’s commitment to increasing oil recovery rates, aligning with NOC’s broader strategy of optimising production capacity through advanced recovery techniques.
Both sides expressed optimism about the potential of these projects to significantly contribute to Libya’s oil output.
