bp signs MoU to explore redevelopment of Libyan oilfields

bp has signed a Memorandum of Understanding (MoU) with Libya’s National Oil Corp. (NOC) to evaluate redevelopment opportunities in the mature giant Sarir and Messla oilfields. Sarir was discovered in 1961 and Messla in 1971.

The provisional agreement centered around Libya’s Sirte basin also includes exploration potential of adjacent areas with an aim of understanding the “wider unconventional oil and gas potential within the country,” bp said in a release July 7. 

The agreement provides a framework for bp to assess a range of technical data and to work with NOC to evaluate presented opportunities and determine the feasibility of future development and exploration programs, the company said.

Currently, bp holds a 42.5% interest in exploration areas A and B (onshore), and area C (offshore), where Eni SPA is operator (42.5%). Libyan Investment Authority holds the remaining 15%.

Following the formal lifting of a force majeure in 2023, Eni and bp resumed exploration operations in the onshore areas (OGJ Online, Oct. 29, 2024).