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Eni (NYSE:E) and BP (BP) have resumed onshore exploration activities in Libya after drilling was halted in 2014, Libya's national oil corporation said on Saturday, as the key sector continues to strengthen following a recent shutdown.
Eni (E) is the operator of the key acreage in western Libya 35 km away from the 37K bbl/day Wafa oil field, and it has started drilling in an area of the Ghadames basin, testing "a series of promising geological formations... expected to contain oil and gas," Libya's NOC said.
Also, Repsol (OTCQX:REPYF) (OTCQX:REPYY) is preparing to resume drilling operations in the Murzuq Basin, and OMV (OTCPK:OMVJF) will begin its activities in the Sirte Basin area in the coming weeks, Libya's NOC said.
Separately, Reuters reported Eni (E) CEO Claudio Descalzi met with Egypt's president el-Sisi on Monday to discuss moves aimed at supporting gas production, after the country was forced to turn to the liquefied natural gas market to cover domestic demand.
Egypt had hoped to become a major gas exporter after Eni (E) discovered the giant Zohr offshore field in 2015, but domestic gas production has been declining since 2021 to reach a six-year low this year.
