Libya is looking for foreign investment to redevelop its oil and gas sector.

bp and Shell have signed agreements with Libya’s National Oil Corporation (NOC) to evaluate hydrocarbon redevelopment prospects in some of Libya’s major oilfields

Under the MoU signed by bp, the company will evaluate redevelopment opportunities in the mature giant Sarir and Messla oilfields in Libya’s Sirte basin, including the exploration potential of adjacent areas, and look at the wider unconventional oil and gas potential within the country.

The agreement provides a framework for bp to assess a range of technical data and to work with the NOC to evaluate opportunities and determine the feasibility of future development and exploration programmes.

William Lin, bp executive vice president gas & low carbon energy, said: “This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector. We hope to apply bp’s experience from redeveloping and managing giant oil fields around the world to help optimise the performance of these world-class assets. We look forward to conducting thorough studies, working closely with NOC, to evaluate the resource potential of this promising region.”

The Sarir and Messla oilfields are among Libya’s largest, offering scope for a significant potential addition to bp’s Libya portfolio, according to a bp statement.

bp has confirmed its intention to resume operations in Libya and reopen its office in the capital, Tripoli, within the last quarter of 2025. bp resumed exploration in the onshore areas of Libya in 2023 after a 10-year joatis. along with a number of other international oil companies.

The MoU was signed at a ceremony in London, when Eng. Masoud Suleman, chairman of the NOC, welcomed bp’s return to operations in Libya and the expansion of the partnership between the two parties. He called for the cooperation between the NOC and bp to include training technical and leadership staff in Libya’s oil sector.

The NOC has also reached an agreement with Shell for the company to evaluate hydrocarbon prospects and conduct a comprehensive technical and economic feasibility study to develop the al-Atshan field and other fields fully owned by the NOC.

Libya is currently producing around 1.2mn bpd but is looking to bump this up to 2mn bpd by 2028. However, progress has been hampered by political unrest and factionalism in the aftermath of the civil war, and the existence of two rival governments. Libya is keen to attract international companies to redevelop its oil and gas sector, and there is significant international interest in its largely untapped hydrocarbon potential, as demonstrated by the number of bids submitted following the launch of its international bid round earlier this year, results of which are expected in around November. This offers 22 blocks for exploration and development (11 Offshore and 11 Onshore) including areas with undeveloped discoveries estimated to contain a minimum of 2.0 Bboe in hydrocarbon resources.

QatarEnergy to make its debut in Algeria

QatarEnergy has landed a stake in its first onshore exploration license in Algeria, expanding the group’s upstream footprint in North Africa

The company secured the Ahara block as part of Algeria’s 2025 bid round, marking its first entry into the country’s upstream sector.

“We are delighted to be awarded the Ahara block, which marks our first entry into Algeria’s upstream sector and further and expands our footprint in Africa,” said Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs, and president and CEO of QatarEnergy.

Located in eastern Algeria, at the intersection of the prolific Berkine and Illizi Basins, Ahara covers an area of approximately 14,900 square km.

QatarEnergy will work as part of a consortium, alongside operator TotalEnergies and Algeria’s national state-owned oil company Sonatrach.

TotalEnergies and QatarEnergy will each hold an effective interest of 24.5% during the exploration phase, while Sonatrach will hold 51%.

The results of the competitive bid process were announced by The National Agency for the Valorisation of Hydrocarbon Resources (ALNAFT).

“I would like to take this opportunity to congratulate and thank the Algerian Ministry of Energy, Mines, and Renewable Energies and ALNAFT on the successful management of this bid round,” said Al-Kaabi.

“We look forward to a successful and collaborative exploration endeavour with the Ministry alongside ALNAFT, Sonatrach and TotalEnergies.”

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Libya's latest bid round has attracted international investor interest. (Image source: Energy Capital & Power)

Libya’s latest upstream licensing round has already attracted more than 40 bids, according to Abdolkabir Alfakhry, Advisor to Libya’s Minister of Oil and Gas, signalling growing international interest in its largely untapped hydrocarbon potential

The bid round, launched in March, offers 22 blocks for exploration and development (11 Offshore and 11 Onshore) including areas with undeveloped discoveries estimated to contain a minimum of 2.0 Bboe in hydrocarbon resources.

The Minister, who was addressing a session sponsored by ConocoPhillips at the Invest in African Energy Forum in Paris, noted that results of the bid round are expected around November. “This will open a new environment for international companies to work in Libya.”

Libya’s assets are underexplored, particularly offshore, Alfakhry said, pointing to the country’s strategic location on the Mediterranean and its proximity to European markets as key competitive advantages.

“The bid round signals Libya’s integration into the global energy market,” he said.

Steiner Våge, president for Europe, the Middle East and Africa at ConocoPhillips, confirmed the U.S. major’s intention to deepen its engagement in Libya and across the African continent.

“Libya is a place where we can work – over the last few years, we’ve significantly increased production at the Waha concession,” said Vaage. “We want to see Libya prosper. We’d also like to transfer our knowledge, and we want to work with partners that have similar objectives – that is the starting point.”

At Libya Energy & Economic Summit 2025 earlier this year, Bashir Garea, technical advisor to the chairman of the NOC, highlighted the country’s immense oil and gas potential.

“We have 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore,” he said, adding that Libya also has 122 trillion cubic feet of gas yet to be developed. “To unlock this potential, we need more investors and new technology, particularly for brownfield revitalisation.”

Oil majors including Eni Repsol, bp and OMV have recommenced exploration in Libya in recent months following a 10-year hiatus. However the recent eruption of violent clashes in Tripoli following the assassination of a powerful militia leader, shows that the current security situation is far from stable.

The contract involves reimaging two legacy 3D seismic data sets. (Image source: Adobe Stock)

Viridien, through its subsidiary CGG Services SAS, has been awarded a contract to reimage two legacy 3D seismic data sets totalling 2,400 sq km in the Hassi Bir Rekaiz concession in the Berkine Basin, Eastern Algeria

The contract was awarded by Groupement Hassi Bir Rekaiz, a joint Sonatrach and PTTEP joint venture.

During the 13-month project, Viridien scientists are completely reimaging and merging the two legacy seismic datasets, originally acquired in 2011 and 2013. To meet the client’s challenging imaging objectives, Viridien is applying the latest technology to deliver more detailed seismic velocity modelling and improved reliability of seismic amplitude, phase and frequency attributes for quantitative interpretation and enhanced fault imaging.

Peter Whiting, EVP, Geoscience, Viridien, said, “We are happy to receive another award from Algeria, showing client confidence in our experience and differentiation in this growing market. We continue to develop and refine our technology, allowing us to extract more and more useful information from seismic data. This generates value for our clients, allowing them to do much more with the survey data they already have. The ultimate value lies in improved reservoir insights, reduction of uncertainties and increased drilling success.”

Last year, Viridien won a contract to conduct seismic imaging for a project in eastern Algeria for Groupement Berkine - a joint venture between Sonatrach and Occidental Petroleum, among other global partners. This imaging campaign covers an area of 3,400 sq km, capturing high-density onshore data set over blocks B404a and B208 of the Berkine Basin.

Algeria is seeking to increase oil and gas production, boost foreign investment and advance exploration. To this end, the National Agency for the Valorization of Hydrocarbon Resources (ALNAFT) launched a bid round in October, as part of a five-year licensing plan. The offering consisted of six blocks covering 152,000 sq km. Closing date for bid submissions was 15 April.