BP, Shell Resume Major Oil Projects with Libya's National Oil Corporation

BP and Shell have signed agreements with Libya's National Oil Corporation (NOC) to assess hydrocarbon potential and redevelopment opportunities in major Libyan oilfields, signaling a renewed commitment by international energy companies to the country's oil sector. BP will focus on the Messla and Sarir oilfields in the Sirte Basin, including exploring unconventional oil and gas resources, and plans to reopen its Tripoli office by late 2025 to support these efforts. Shell has agreed to conduct a full-scale technical and economic feasibility study for the development of the Atshan oilfield and other NOC-controlled areas. These moves are part of a broader trend of Western oil majors, including Eni, OMV, and Repsol, resuming exploration activities in Libya amid ongoing political instability and rival governments competing for control of the underfunded oil sector. Libya, Africa's second-largest oil producer and an OPEC member, aims to boost oil production to 2 million barrels per day in the coming years, recovering from a significant slump following the 2011 civil war. Both BP and Shell view these agreements as strategic steps to deepen partnerships with NOC and capitalize on the country's vast hydrocarbon reserves, despite the challenges posed by the volatile political environment.