Doha: Qatar Energy has won an offshore exploration license in the country following the conclusion of the Libya Bid Round, marking Qatar Energy’s first entry into the country’s upstream sector.
The results of Libya’s first competitive bidding process since 2007 were announced today by the National Oil Corporation (NOC), awarding exploration and production rights for offshore block O1 to a consortium of Qatar Energy (40% participating interest) and Eni (operating company, 60% participating interest).
Commenting on the award, His Excellency Saad Sherida Al Kaabi, Minister of State for Energy Affairs and President and CEO of Qatar Energy, said: “We are delighted to have been awarded this exploration block and are enthusiastic about the future of Libya’s offshore upstream sector and expanding our upstream footprint in North Africa.”
Minister Al Kaabi added: “I would like to take this opportunity to thank and congratulate the Libyan authorities on the success of this bidding round. We look forward to working with the Libyan authorities and Eni to build a cooperative and productive relationship towards the success of the exploration program.”
Block O1, located offshore in the Sirte Basin, covers an area of approximately 29,000 km² at water depths of up to 2,000 meters.
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