Equinor has signed a deal to extend its interest in oil and gas offshore Libya, with state-owned National Oil Corp. (NOC).
NOC announced the memorandum of understanding (MoU), which chairman Farhat Bengdara signed in the presidential office in Tripoli. Equinor’s head of Africa, Nina Birgitte Koch, also signed the MoU.
The Norwegian company has clarified that there was an existing MoU, which it had now extended. The aim is to evaluate data and help NOC assess offshore potential, rather than actual exploration.
The statement from NPC said it was focused on oil and gas potential in Libya’s maritime area. The agreement also covers training.
Equinor, NOC said, is a “key partner” in this work. The Norwegian company is a partner in the Mabruk field and in the Murzuq Basin, in licence NC 186 – which includes part of the Sharara field – and the I/R field.
Libya’s offshore has historically been somewhat overlooked. The exception has been Eni’s work around Bouri and the $8 billion A&E development. The latter aims to start up in 2026 and reach production of 750 million cubic feet per day of gas.
Saipem won a $1bn contract to revamp the Bouri platform from Eni in August. Saipem head Alessandro Puliti, speaking yesterday at the Energy Intelligence Forum, described it as a very important work.
“It’s the first project we are carrying out in Libya for a long time … we are eager to do well. We know there are plans also for further developments. Structure B is coming, the country needs gas to power up their grid and also to export,” Puliti said.
Updated at 10:50 am to clarify Equinor is not engaging in new exploration, but reaffirming an existing MoU on Libya’s offshore potential.
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