Libya: Repsol resumes drilling in the Murzuq basin

Ending a hiatus of more than ten years, Spanish exploration and production company Repsol has resumed drilling operations in the Murzuq basin in south-west Libya. This resumption marks a major step forward for the Libyan oil sector, which has long been held back by political and economic instability.

The A1-2/130 exploration well, also known as the Neser Prospect, is located just 12 kilometres from the country's largest oil field, Sharara, and around 800 kilometres south of Tripoli. The project is designed to test the Memonyat formation, with a targeted final depth of 6,050 feet. It reflects Repsol's desire to strengthen its presence in Libya while exploring new opportunities for oil reserves.

This initiative by Repsol is one of a series of recent successes for the Libyan oil industry. These include Sirte Oil's promising discovery in the Zelten oil field, which has boosted confidence in the untapped potential of the country's reserves. These advances mean that Libya can look forward to a significant increase in oil production in the coming years.

As part of its ambition to double production, Libya has recently stepped up its efforts to attract foreign investment and encourage licensing rounds. National and international companies are invited to take part in these rounds, which aim to revive and diversify oil production in the country.

With the resumption of drilling by Repsol and recent discoveries in strategic regions such as Zelten, Libya is well positioned to strengthen its role as a key player in the global oil market. However, the success of this revival will largely depend on political stability and the country's ability to create a favourable environment for foreign investment.

As the eyes of the world turn towards the Murzuq Basin, this project represents a crucial step for Libya's energy future and its return to the forefront of the international oil scene.