Norway’s Equinor Extends Exploration in Libya

Norwegian energy company Equinor has been in Libya for nearly 30 years now and has deep knowledge of the terrain. On 17 Oct 2023, it reported that it reached an agreement with the Libyan National Oil Company (NOC) to explore and develop new hydrocarbon assets.

Currently, Equinor has licenses in the Mabruk field (NC-017) and in the Murzug basin (NC-186). The new agreement calls for joint exploration of offshore blocks.

In addition, the MoU includes a clause to provide training to young Libyans, which demonstrates Equinor long-term commitment to the market. Farhat Bengdar, Chairman of NOC and Birgitte Koch, Equinor’s Head for Africa, signed the partnership agreement.

It is worth recalling that Libya holds Africa’s largest oil reserves at nearly 50 billion barrels, representing nearly 40% of the total proven reserves in Africa. Globally, Libya ranks 10th in terms of oil reserves and accounts for 3% of the world’s total.