Libya has managed to significantly increase production. (Image source: Adobe Stock)

Libya’s NOC has achieved its highest average crude oil production rate in a decade, according to recent NOC figures

With an aim to advance transparency, the National Oil Corporation (NOC) of Libya has released its average daily crude oil production and total (cumulative) production statistics for the past 10 years. 

According to the table released, 2025 has recorded the highest average production rate in comparison to the last decade, at 1.374 million barrels per day. Total crude oil production for the year reached 501 million barrels, marking a positive shift in the NOC’s strategy to boost crude oil production rates. The NOC acknowledged the role of the employees at all production sites.

Majors have showed increased interest in the region throughout 2025. TotalEnergies had kickstarted work on the Waha and Sharara fields, while also exploring opportunities in the Sirte and Murzuq basins.

Speaking about the region, the company's senior vice president for the Middle East and North Africa, Julien Pouget, said, “With 40% of Africa’s reserves, Libya remains largely untapped.” 
Repsol, too, has resumed drilling in Murzuq Basin onshore Libya. Lauding the region's efforts in fighting natural field decline and encouraging exploration, Repsol's executive managing director, exploration & production, Francisco Gea showed faith in achieving the country's production target of two million barrels per day. 

Eni is set to launch three exploration plays in the region – shallow, deepwater and ultra-deep offshore, and is also deeply invested in Libyan gas with the US$10bn Greenstream pipeline and a CO2 capture and storage plant in Mellitah.

While bp and Shell both signed exploration agreements with NOC last year to assess exploration opportunities.

Libya’s latest upstream licensing round launched in March 2025, the first in 18 years, has attracted more than 40 bids, signalling growing international interest in its largely untapped hydrocarbon potential.

The bid round, launched in March 2025, 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.

At the Libya Energy & Economic Summit 2025 last year, Bashir Garea, technical advisor to the chairman of the NOC, said the country has 48 billion barrels of discovered but unexploited oil, with total potential estimated at 90 billion barrels, especially offshore, adding that Libya also has 122 trillion cubic feet of gas yet to be developed. More investment and new technology is needed to unlock this potential, he said.

Richard Hall, CEO of Dana Gas. (Image source: Dana Gas)

Dana Gas PJSC, the Middle East’s largest regional private sector natural gas company, has received a US$50mn payment from the Egyptian Government, supporting its ongoing drilling programme in Egypt

The payment significantly reduces overdue receivables and supports the drilling programme under the Consolidation Agreement with the Egyptian Government, which was formally signed in December 2024. The agreement consolidated Dana Gas’s concessions in Egypt and provided improved fiscal terms to support new upstream investment, while also including additional acreage designated for exploration drilling.

Since the programme commenced, Dana Gas has drilled four wells, including the recent North El-Basant 1 discovery, which is estimated to hold 15 bcf of recoverable gas. These wells successfully added 18 mmscfd of production and a material increase in reserves. The company plans to drill seven further wells under the programme in 2026, with the next – the Daffodil exploration well – expected to spud in January. The 11-well programme will save over US$1bn by displacing imported LNG and fuel oil with domestic production. Egypt is heavily reliant on imported fuel, recently concluding major LNG and gas supply deals with Israel and Qatar, having seen domestic production decline in recent years. 

Dana Gas has also completed a workover programme across three wells, adding an additional 9mmscfd of production. Further assessments are underway to identify additional workover prospects for 2026.

Richard Hall, CEO, Dana Gas, said, “We are grateful to the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company for their continued support. This latest payment, which will help fund our investment programme in Egypt, acknowledges the importance of timely payments to ensuring the successful delivery of our drilling programme.“Thanks to the robust support provided by the Egyptian government, our investment program is already yielding positive outcomes. We have successfully brought new gas production online, and additional wells are scheduled to follow. With the right support in place, we’re well positioned to deliver the next phases of the programme and continue strengthening Egypt’s role as a regional gas hub.”

The activities will be supported by Saipem's construction vessels.

As part of an existing long-term agreement with Aramco, Saipem has announced two new offshore contracts in Saudi Arabia, known as Contract Release Purchase Orders (CRPO) 

A 32-month contract called CRPO 162 will encompass the engineering procurement construction and Installation (EPCI) of approximately 34 km of pipeline, with diameters of 20” and 30", and related works on topside structures at the Berri and Abu Safah oil fields.

The second contract (CRPO 165), on the other hand, will be spanning a period of 12 months, comprising subsea interventions at Marjan field and the EPC of 300 m of onshore pipeline and associated tie-ins.

The activities will be supported by Saipem's construction vessels, which have already been deployed in the region. With a special focus on local content, the company will be conducting its fabrication activities at its Saudi fabrication yard, Saipem Taqa Al-Rushaid Fabricators Co. Ltd., in Dammam.

The award of these new contracts strengthens Saipem’s presence in Saudi Arabia and further consolidates its longstanding relationship with Aramco.

The partnership signifies the region's exploration expansion. (Image source: Egypt's Ministry of Petroleum and Mineral Resources)

Egypt's Ministry of Petroleum and Mineral Resources has entered into a new oil and natural gas exploration agreement with British company Terra Petroleum 

The partnership signifies the region's exploration expansion and production optimisation ambitions as Terra Petroleum steps into the region for the first time.

The contract gives Terra Petroleum access to the Northwest Maghra concession of the Western Desert to drill three wells, leading up to initial investments of approximately US$6.5mn. Additionally, the contract also leaves scope for two-dimensional and three-dimensional seismic surveys at the concession area.

Speaking of the deal, Minister of Petroleum Karim Badawi said that the agreement stands testament to the growing interests of international companies towards the region and their willingness for investment. As it builds trust in the Egyptian petroleum sector's investment climate, the Ministry is actively addressing policies and developments to support an encouraging work environment for global investors, and accelerate oil exploration and production rates.

Players in Egypt has been experiencing big developments in the exploration and production front with Dana Petroleum being the latest example. It has recently made a significant gas discovery following the drilling of the North El-Basant 1 exploratory well in Egypt’s onshore Nile Delta. 

Richard Hall, CEO, Dana Gas, said, “The latest drilling success reinforces the value of our investment programme in Egypt and highlights the significant remaining potential within the Nile Delta. The North El Basant-6 result builds on the momentum of our earlier wells and supports our efforts to increase domestic gas supply and reserves. By increasing local gas production, the programme will help reduce Egypt’s reliance on imported LNG and fuel oil and is expected to generate more than one billion dollars in savings for the national economy over time."