BP and Shell have signed separate memoranda of understanding with Libya’s National Oil Corporation (NOC) to study fresh exploration and development prospects at three key oilfields, signalling a cautious return of foreign majors to the OPEC member after years of turmoil.
BP’s deal covers technical assessments of the Messla and Sarir fields in eastern Libya and will see the company reopen its Tripoli office in late 2025, according to the NOC. Shell’s agreement focuses on evaluating the Atshan field and other NOC-owned acreage, including a full technical and economic feasibility study for future development.
Libya, Africa’s second-largest crude producer, has recently pumped about 1.39 million barrels per day. Output has been repeatedly disrupted since the 2011 overthrow of Muammar Gaddafi as rival factions vie for control of oil revenues. While instability has kept most investors away, a handful of firms — including Eni, OMV, BP, and Repsol — have resumed or expanded exploration over the past year, betting on a gradual stabilisation of the operating environment.