Libya Launches First Deepwater Oil & Gas Exploration Well in Gulf of Sirte

Eni, BP, NOC, and LIA start deepwater drilling in the Gulf of Sirte Well targets hydrocarbons at nearly 1,900 meters water depth Move supports Libya’s push to revive offshore exploration and boost output Libya has started drilling its first deepwater oil and gas exploration well in the Gulf of Sirte, marking a new step in the country’s offshore energy strategy. The operation is part of a project involving Italy’s Eni, BP, the Libyan Investment Authority, and the National Oil Corporation, according to Libyan media reports on January 17. The well is being drilled in contractual area 38/3, in waters about 1,900 meters deep. Drilling operations are being carried out using a vessel operated by Italy’s Saipem, with a planned total depth of around 4,500 meters below the seabed. At this stage, neither the expected duration of the drilling campaign nor the specific geological structure being targeted has been disclosed. The NOC said the operation is aimed at assessing the presence of hydrocarbons in this deep offshore area of the Gulf of Sirte. According to data from the U.S. Energy Information Administration, Libya holds Africa’s largest proven oil reserves, estimated at about 48 billion barrels, or around 41% of the continent’s total. These reserves are concentrated mainly onshore, in the Sirte Basin in the northeast and the Murzuq Basin in the southwest. Historically, most of Libya’s oil and gas activity has been focused onshore or in shallow waters along the Gulf of Sirte. Offshore exploration is now gradually returning to the center of the country’s energy strategy, with the NOC stating its intention to revive offshore activity and diversify the resource base, as reported by Ecofin Agency in 2025. In April of the same year, the NOC launched a licensing round covering 22 onshore and offshore blocks, the first such tender in nearly two decades, aimed at attracting new international investors. In January 2025, Libya’s oil and gas minister said the country needs between $3 billion and $4 billion to increase oil production capacity. In October, the NOC reported average output of about 1.38 million barrels per day and said it aims to raise production to around 1.6 million barrels per day by the end of 2026.