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Libya’s Al-Waha Announces Exploratory Drilling with International Oil Companies

OIL

Libya’s Al-Waha Company announced the start of drilling operations for an exploratory well (T1-31) in partnership with Total Energies and Knoco Viables in Concession Area 31 via X.

  • Several international companies including Repsol, Eni and OMV are gearing up to restart exploration drilling in Libya next year.
  • It comes as the country aims to produce 2mn bpd in the next 3-5 years, up from around 1.3mn bpd at present.
  • Libya is also getting ready to hold an oil and gas licensing round next year, which will be the first event of its kind in nearly two decades.
  • Libya’s crude oil production capacity is expected to reach 1.8 million barrels per day by 2024, according to a report by the African Energy Chamber.
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