bp and Shell to evaluate Libya oilfield redevelopment opportunities

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.