Eni, BP drill high-profile deepwater wildcat off Libya

Eni and BP have drilled an exploration well in Libya's Sirte Basin in the Mediterranean Sea, the Italian major confirmed to Platts on Jan. 22, the first deepwater offshore well to be drilled in 17 years.

"The rig is on location and has begun activities," a spokesperson for Eni -- the operator -- said in a statement, confirming that it was targeting the Matsola exploration prospect in Contract Area 38/3.

The well was expected to drill in water depths of 1,900 meters, and to reach a depth of 4,500 meters, state-run National Oil Corp. said previously. It is being drilled by the Saipem 10000 drillship. A spokesperson for BP also confirmed the drilling.

The wildcat is the two companies' first since resuming exploration activities in 2025 and follows renewed interest in Libya by the world's largest oil companies, amid a period of rare improved security and political stability.

While Eni has been consistently producing in the North African country in recent years, BP signaled in July 2024 that it would resume operations in Libya and reopen its office in Tripoli, according to a NOC statement.

Eni and BP each hold a 42.5% interest in the joint venture, which resumed exploration activities in the Ghadames Basin in 2025, alongside the Libyan Investment Authority with the remaining 15%. The LIA is Libya's sovereign wealth fund.

The JV has committed to drilling a further 16 wells in Libya, across onshore and offshore areas, the source familiar with its operations said.

Twelve-year high

The resumption of deepwater drilling in the Sirte basin marks another significant positive development for Libya, which has been on a mission to boost oil output over the past two years.

The country pumped 1.26 million barrels/day of crude in December, according to the latest Platts OPEC+ Survey from S&P Global Energy, having risen in 2025 to a 12-year-high on a string of new wells and discoveries and an improvement in the security situation.

Libyan officials are targeting 2 million b/d by 2028 and are currently overseeing the country's first post-revolution bid round. Alongside BP, Shell, ExxonMobil and others have agreed to return to Libya in recent months.

The country was plunged into crisis after the fall of Moammar Qadhafi in 2011 and has been ruled by rival governments in the east and west since 2014. Oil accounts for 98% of national income, NOC chairman Masoud Suleman said at a conference in November, making it a frequent target for political actors, militia groups and protesters.

The country is a key supplier of oil and natural gas to the Mediterranean crude market.