QatarEnergy has won an offshore exploration licence in the State of Libya following the conclusion of the “Libya Bid Round”, marking QatarEnergy’s first entry into the country’s upstream sector.

The results of the competitive bid process, the first to be held in Libya since 2007, were announced today by the National Oil Corporation (NOC) awarding the exploration and production rights for offshore block O1 to a consortium of QatarEnergy (40 per cent participating interest) and Eni (the operator, 60 per cent participating interest). 

Saad Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are pleased to be awarded this exploration block and enthusiastic about the prospects of Libya’s offshore upstream sector and about 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 bid round. We look forward to a collaborative and productive relationship, working alongside the Libyan authorities and Eni to deliver a successful exploration programme.”

Located in the offshore Sirte Basin, block O1 covers an area of approximately 29,000 km² in water depths of up to 2,000 meters. -OGN/TradeArabia News Service