Libya’s Oil Sector Surges with Major Discoveries in Ghadames and Sirte Basins

Prime Highlight:

Libya’s National Oil Corporation (NOC) and its subsidiary ACOGO announced a significant oil and gas discovery in the Ghadames Basin, signaling renewed foreign interest in the country’s energy sector.

Austrian firm OMV achieved its first success in the Sirte Basin since 2008, marking a major milestone in Libya’s oil exploration revival.

Key Facts:

The H1-NC4 well in the Ghadames Basin is expected to produce 4,675 barrels of crude oil per day and 2 million cubic feet of natural gas.

OMV’s exploratory well in Block 106/4 is producing over 4,200 barrels of oil and 2.6 million cubic feet of gas daily.

Background

Libya’s National Oil Corporation (NOC) has announced major oil discoveries in the Ghadames and Sirte Basins, signaling renewed global interest in the country’s energy sector. The new finds come as security conditions improve and international oil firms return after years of instability.

NOC said its subsidiary, the Arabian Gulf Oil Company (ACOGO), made a significant discovery in the Ghadames Basin near the Libyan-Algerian border. The newly drilled H1-NC4 well is estimated to produce around 4,675 barrels of crude oil per day and about 2 million cubic feet of natural gas. An industry source said ACOGO’s total production reached 310,000 barrels per day by the end of October, showing steady output growth.

In the Sirte Basin, Austrian energy firm OMV also made a breakthrough, with its exploratory well in Block 106/4 producing more than 4,200 barrels of oil and 2.6 million cubic feet of gas daily. The discovery marks OMV’s first success in the block since its 2008 exploration agreement with NOC and its return to Libya after a decade-long pause.

Other major players, including Algeria’s Sonatrach and Italy’s Eni, have also resumed drilling and offshore exploration. NOC recently signed agreements with BP and Shell to evaluate new fields, with BP planning to reopen its Tripoli office by late 2025.

Libya is reviving its oil industry and attracting strong foreign interest. ExxonMobil, Chevron, TotalEnergies, and several other companies have bid in the country’s first exploration tender since 2011. Libya is running five refineries and increasing its oil production, making the country an important energy hub in Africa again.