Repsol accelerates its plans to grow in Libya. The company is preparing to bid for new oil blocks during the first round of awards that will be held in this country after 20 years without carrying out distributions of new mining domain.
The Spanish oil company thus returns to a market that it has classified as a priority within its strategic plan, as it aspires to go from the 300,000 bpd it wanted to produce in December 2024 to the 350,000 bpd it aspires to by the end of this year.
Repsol made its last major discovery in Libya in 2014. Since then, the company has experienced a situation of constant comings and goings in its production due to problems stabilizing the country after the fall of Gaddafi in 2011.
At the end of January of last year, the company reached an agreement with the Libyan National Army to resume production at its El Sharara megafield, with a production of 260,000 barrels of oil per day, and since then there have been no force majeure shutdowns. as advanced by elEconomista.es. In fact, the country has managed to recover a large part of the production of its largest oil wells.
The next round of tenders aims to support the Libyan Government’s goal of doubling its production in the next 3-5 years, to around 2 MMb/d. However, according to a recent report by Wood Mackenzie, to achieve this objective, some $4 billion of investment will be necessary to carry out the necessary improvements in local infrastructure.
According to the NOC, crude oil and condensate production reached 1.47 million barrels per day on December 31 and an increase in production will facilitate increased downward pressure on oil prices.
Currently, the Spanish oil company operates through its subsidiary Repsol Exploration Murzuq SA (REMSA) and, in operations and production development, through Akakus Oil Operations, a joint company with the Libyan National Oil Corporation (NOC), TotalEnergies, OMV and Equinor.
Repsol plans to drill nine wells before November 2025. The company began the first work last December, which will be followed by a second drilling starting in February. On the 17th and 18th, the the Libya Energy & Economic Suummit meeting in which Francisco de Gea, director of exploration and production of the company, will participate, as well as representatives from Eni, Totalenergias, Bp, ConocoPhilips, Baker Hugues with the intervention of the Secretary General of OPEC.
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