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Libya's NOC discusses 2027 oil exploration with Repsol, TPAO and MOL

By Reuters News

TRIPOLI, Nov 11 (Reuters) - Libya's state-owned oil producer NOC has discussed with a consortium including Spain’s Repsol, Turkey’s TPAO and Hungary’s MOL their exploration plans for the second quarter of 2027, NOC said on Wednesday.

The consortium won an exploration licence for an offshore block in the Sirte basin in January — block 22 in a deep-water offshore area where depths reach up to 2,000 metres.

NOC said the meeting discussed the exploration plans and programmes of the three companies, including a three-dimensional seismic survey covering 2,676 sq km, alongside a 1,500km linear seismic survey.

The bidding round was the first since 2007 in the oil-rich country that relies ​on oil for more than 95% of its economic output.

OPEC member Libya was producing 1.6 million barrels of oil per day before the NATO-backed uprising that toppled Muammar Gaddafi in 2011.

NOC said the meeting aimed to strengthen strategic partnerships with global companies to increase oil and gas reserves in support of the national economy.

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