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Libya’s NOC has announced the winners of the latest oil exploration bidding round, launched in February 2025, which offered 20 blocks for investment, both onshore and offshore

They include the USA’s Chevron; a consortium of Eni and QatarEnergy; a consortium of Repsol and state-owned Türkiye Petrolleri A. O. (TPAO), a consortium of Hungary’s MOL, Repsol and TPAO; and Nigeria’s Aiteo.

The licensing round was Libya’s first for eighteen years and attracted more than 40 bids, signalling growing international interest in Libya’s largely untapped hydrocarbon potential. Only five blocks out of the 20 offered were awarded.

Chairman of NOC Engineer Masoud Suleiman highlighted that the success of this round, conducted with the highest standards of quality and transparency, marks a significant turning point in the development of the Libyan oil sector. He noted that it will double Libya’s crude oil production, leading to an economic revival that aims to steer the country toward stability and prosperity, while also safeguarding Libya’s crude oil reserves for future generations.

He stressed that the success of this round also signified the restoration of the world’s confidence in Libya, which will in turn have a positive impact on the Libyan economy.

Chevron, through its subsidiary Chevron Business Development EMEA Ltd won Contract Area 106 located in the Sirte Basin, marking its entry into Libya. In January, Chevron separately signed an MoU with NOC in Tripoli to evaluate the development and exploration potential onshore Libya.

"Chevron is excited to enter Libya with the award of onshore Contract Area 106, which underscores our focus on North Africa and the Eastern Mediterranean region, and is a good fit in our exploration strategy to grow our portfolio with high-quality acreage and high impact prospects," said Kevin McLachlan, vice president of Exploration at Chevron.

"Libya has significant proven oil reserves and a long history of producing its resources. Chevron is confident that its proven track record in developing oil and gas projects and its technical expertise gives it the ability to support Libya to further develop its resources."

A consortium led by Eni (60%) in partnership with QatarEnergy (40%) has been awarded the offshore exploration License O1, which covers approximately 29.000 sq km in the offshore extension of the prolific Sirte Basin. It offers notable exploration potential, including wide areas without 3D seismic coverage that could host additional hydrocarbon accumulations. The block also features various hydrocarbon indications, including stranded oil and gas discoveries.

Under the terms of the agreement, Eni will operate the concession, with the consortium holding a 100% stake during the exploration and development phases. The partners plan to conduct 2D/3D seismic acquisition and drilling activities over the first five-year exploration period.

Eni sees the award as “a significant step forward in strengthening Eni’s upstream position in the country”. Eni has been active in Libya since 1959, with equity hydrocarbon production of approximately 162,000 barrels of oil equivalent per day in 2025.

For QatarEnergy, the licence marks its entry into Libya’s upstream sector.

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the president and CEO of QatarEnergy, said, “We are pleased to be awarded this exploration block and enthusiastic about the prospects of Libya’s offshore upstream sector and about expanding our upstream footprint in North Africa.”

A consortium of Repsol (operator with 40% share), state-owned Türkiye Petrolleri A. O. (TPAO) with a 40% share and Hungary’s MOL Group (20%) won the 07 offshore block which covers more than 10,300 sq.km in water depths exceeding 1,500m, located approximately 140 km northwest of Benghazi. Its deepwater setting aligns with the consortium’s extensive offshore experience, according to a statement from MOL.

The deal sees the entry of MOL into Libya, and follows the signing of a strategic partnership between MOL and Libya’s NOC. That agreement outlines plans for joint work across several key areas, including hydrocarbon exploration and production, technological and field development innovations, as well as crude supply, trading, and oilfield services opportunities in Libya.

Nigeria’s Aiteo won the M1 block in the Murzuq Basin, while Repsol and TPAO also won the onshore C3 block in the northeastern Sirte Basin.

Libya’s oil production currently stands at around 1.3mn bpd. NOC aims to produce 1.6mn bpd by the end of 2026, rising to 2mn bpd in the medium term, and sees the participation of international companies as crucial to achieving its growth plans.

Energy services provider, DNV, has awarded ADNOC a CO₂ Storage Certificate at the Site Endorsement stage for its West Aquifer CO₂ storage development

The certification, conducted in accordance with ISO 27914:2017 Carbon dioxide capture, transportation and geological storage — Geological storage, has recognised that ADNOC reflects the necessary subsurface characterisation, reservoir understanding, containment assessment, and risk management framework required to progress the project to its next phase.

DNV’s verification process took into consideration ADNOC’s geological modelling, monitoring plans, conformance demonstration approach, and long-term storage strategy for the West Aquifer. Endorsement at this stage comes as a big win for ADNOC, building confidence in the site’s suitability for safe and permanent CO₂ storage.

“This certification is a pivotal step for ADNOC and an important moment for CCS deployment across the region. The West Aquifer site has the potential to become one of the anchors for large scale CCS deployment in the Middle East, helping industries to decarbonize in a safe, credible, and internationally recognized way. By meeting the stringent requirements of ISO 27914 at the site endorsement stage, ADNOC is demonstrating leadership, transparency, and a commitment to building the confidence needed for accelerated CCS investment across the region,” said Brice Le Gallo, vice-president and regional director for Southern Europe, MEA & LATAM, Energy Systems at DNV. 

As the Uganda National Oil Company aims to build a crude refinery, it has reached out to a unit of global commodities trader, Vitol, for a US$2bn loan to support the project alongside construction and infrastructure developments

According to Henry Musasizi, Uganda's junior finance minister, this seven-year tenor loan from Vitol Bahrain EC (VBA) comes with an interest rate of 4.92%. The minister worked on advancing the approval process for the credit line and the loan, which involved significant lawmakers, who sanctioned the development with a majority verdict.

Musasizi said that Vitol's support "presents an opportunity to access non-traditional financing to implement. ..projects and support the government in developing national infrastructure."  

Vitol Bahrain EC has a long-standing presence in Uganda's downstream sector, functioning as the sole supplier of refined petroleum products to UNOC, before the state-owned company sells it to retailers across the country.

Alongside the refinery, the loan amount will also be covering road construction, a petroleum products storage terminal and extension of a petroleum pipeline from western Kenya to Uganda's capital Kampala.

Previously, the UNOC also concluded a deal with the UAE-based Alpha MBM Investments, whereby a domestic refinery with a capacity of 60,000 barrels per day is in the pipeline. The agreement accords 60% stake on the refinery to the UAE firm while UNOC retains 40%.

Uganda is looking to begin commercial oil generation starting next year from fields in its west.

Halliburton has launched the XTR CS injection system, a wireline-retrievable safety valve solution engineered for CO₂ injection in carbon capture, utilisation, and storage (CCUS) wells

Operators face unique challenges in CCUS environments, including ultra-low temperatures and the need for reliable flowback prevention. The system addresses these challenges with a depth-insensitive design that can be installed at any point in the wellbore, delivering reliable performance with high injection rates and smooth flow. This eliminates concerns about hydraulic fluid mobility and reduces planning complexity.

The system can be used as a primary or contingency safety valve or as a deep-set reservoir fluid-flowback prevention device. Unlike traditional surface-controlled wireline valves, the XTR injection system’s non-elastomeric design helps minimise leak paths and eliminate reliance on hydraulic operation systems. This system remains at steady performance at any setting depth, to simplify operations and inventory management.

A large flow area, combined with low opening pressure, promotes smooth flow and supports high injection rates with minimal pressure drop. The proprietary anti-throttling mechanism helps keep the valve fully open during injection, reducing wear and extending service life. The self-cleaning design incorporates integrated bypass ports and optimised poppet geometry to minimise debris buildup and erosion. For added flexibility, wireline retrievability allows easy retrieval and replacement, supporting contingency planning when needed.

The valve features an anti-chatter mechanism to extend service life while meeting API 14A standards for safety and compliance.

The rigorous CS qualification programme ensures the system’s operational integrity and ability to withstand harsh CCUS environments.

The injection system can be tailored for specific injection media and fluid properties, offering low opening force, minimal pressure drop, and a wide range of injection rates. To extend operational life, high-velocity flow is directed away from seal areas, and a novel anti-throttle feature reduces valve wear, maximising system reliability.

Maxime Coffin, vice president, Halliburton Completion Tools said, “The XTR CS injection system expands Halliburton’s Completion Tools technology leadership in low-carbon technology solutions, allowing operators to maximise CCUS well performance. This technology helps ensure reliability and flexibility in harsh environments, allowing operators to inject CO₂ efficiently and safely.”

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The Middle East and North Africa (MENA) is set to become the world’s largest hydrogen exporter by 2060, while maintaining a dominant position in global oil and gas markets, according to DNV’s Oil & Gas Decarbonization in the Gulf Region report

The report highlights how Gulf Cooperation Council (GCC) countries are cutting the emissions intensity of their core oil and gas production while continuing to play a central role in global energy supply, presenting a picture of a region approaching the energy transition from a position of confidence and capital strength. Reductions in emissions intensity are occurring alongside continued hydrocarbon production and investment across renewables, electrification, hydrogen, methane abatement, digitalization, and carbon capture.

Since 2005, the GCC has produced nearly 18% of global oil and gas, a share expected to increase as investment continues in low-cost, advantaged resources. As global energy demand increasingly shifts toward Asia, the region’s location and cost competitiveness strengthen its position as a preferred supplier. At the same time, decarbonization measures are becoming an integral part of long-term competitiveness.

“The global energy transition will not progress at the same pace across regions, nor will it follow a single pathway,” said Brice Le Gallo, vice-president & regional director for Southern Europe, MEA & LATAM, Energy Systems at DNV. “In the Middle East, oil and gas remain central to economic stability and global energy security. The key challenge is to reduce their emissions footprint while accelerating investment in the technologies needed for a lower-carbon energy system.”

Electrification is being used to cut Scope 2 emissions from pumps, compressors, and offshore facilities, through grid connections, renewable power, and hybrid solutions. These efforts are supported by energy-efficiency measures and the use of digital tools and artificial intelligence to optimise drilling, reservoir management, and asset operations, reducing energy intensity and emissions per barrel produced.

Methane reduction remains one of the most immediate and cost-effective options for lowering emissions. Across the GCC, routine flaring is planned to be phased out by 2030 and leak detection and repair (LDAR) programmes are increasingly standard. National oil companies are also aligning with international methane initiatives, enabling continued production growth while reducing methane intensity in line with national net-zero targets.

GCC countries are realigning domestic energy systems to reduce oil and gas use domestically and free up volumes for export and low-carbon fuel production. Growth in renewables, electrification of transport and buildings, and efficiency gains are driving this shift. Investment in downstream industries, petrochemicals, and low-carbon fuels is also changing export profiles, moving beyond crude oil toward higher-value and lower-carbon energy products.

With access to low-cost natural gas, strong solar resources, and established industrial and export infrastructure, the region is well placed to scale both low-carbon hydrogen (produced from natural gas with carbon capture) and renewable hydrogen produced through electrolysis. By 2060, the Middle-East and North Africa region is projected to produce around 19 million tonnes of hydrogen and 13 million tonnes of ammonia per year, exporting about 50%, mainly toward Europe and advanced Asian economies.

“Hydrogen, ammonia, and carbon capture are becoming core elements of the GCC’s energy export model,” said Jan Zschommler, market area manager for the Middle East, Energy Systems at DNV. “As emissions requirements tighten, access to international markets will increasingly depend on carbon intensity. Integrating hydrogen production with renewable power, carbon capture, and existing industrial clusters allows the region to remain competitive while meeting these requirements.”

Carbon capture, utilization and storage (CCUS) is also set to grow. In January 2026, the UAE's Supreme Council for Financial and Economic Affairs has introduced Carbon Capture Policy as a further commitment to meeting their carbon reduction targets. Captured CO₂ volumes (including CO₂ removal) are expected to reach around 250 million tonnes per year by 2060, equivalent to roughly 8% of regional energy-related and industrial emissions.

Bioenergy with carbon capture (BECCS) and direct air capture (DAC) combined are expected to remove around 81 million tonnes of CO₂ per year by 2060, helping to offset emissions from sectors that are more difficult to decarbonise.

The full report is available at https://www.dnv.com/energy-transition-outlook/oil-and-gas-decarbonization-in-the-gulf-region/