Eni and BP have resumed exploration activities in Libya, with drilling operations underway in the Ghadames Basin, according to a statement from Libya's National Oil Corporation.
The restart follows a ten-year hiatus, as onshore drilling was halted in 2014 due to political instability and conflict following the overthrow of the country's late ruler Muammar Gaddafi in 2011.
Eni has initiated exploration in Area B (96/3) of the Ghadames Basin, drilling its first exploratory well, A1-96/3 (Hasheem Prospect), adhering to the 2007 Type IV contracting agreement.
Eni manages the area in partnership with BP and the Libyan Investment Authority.
Mellitah Oil & Gas oversees the drilling operations for well A1-96/3, leveraging its regional experience from the Al Wafa field development.
The A1-96/3 well, located 35km from the Wafa field and 650km from Tripoli, will reach a depth of 10,327ft.
It is expected to test a variety of promising geological formations for oil and gas reserves.
NOC disclosed that the Spanish oil company Repsol is preparing to recommence drilling in the Murzuq Basin, while Austria’s OMV is set to restart operations in the Sirte Basin shortly.
Eni reported resilient third quarter (Q3) 2024 production, up 2% year-on-year, despite a quarter-on-quarter drop of 3% due to maintenance, hurricane impacts in the Gulf of Mexico, divestments and reduced activity in Libya.
The company's exploration and production-proforma-adjusted EBIT [earnings before interest and taxation] for Q3 was €3.2bn ($3.4bn), driven by new projects, execution and cost control, despite lower Brent prices and the euro's appreciation.
Eni recorded an adjusted net profit of €1.3bn for Q3 2024 and announced an increase in its 2024 share buyback programme to €2bn, up 25% from the previous €1.6bn guidance.
Nearly all of the €8bn in net disposal proceeds are now visible within the four-year plan.
Eni's full-year hydrocarbon production is projected to be 1.7 million barrels of oil equivalent per day.
