Doha: QatarEnergy won an offshore exploration license in the State of Libya following the conclusion of the "Libya Bid Round", marking QatarEnergy's first entry into the country's upstream sector. The results of the competitive bid process, the first to be held in Libya since 2007, were announced Wednesday by the National Oil Corporation (NOC) awarding the exploration and production rights for offshore block O1 to a consortium of QatarEnergy, with a 40% participating interest, and Eni, the operator with a 60% participating interest.

According to Qatar News Agency, HE Minister of State for Energy Affairs, the President and CEO of QatarEnergy, Saad Sherida Al Kaabi, expressed appreciation for the awarded exploration block. He noted enthusiasm for the prospects of Libya's offshore upstream sector and for expanding QatarEnergy's upstream activities in North Africa. HE the Minister also extended thanks and congratulations to the Libyan authorities for the successful bid round and expressed eagerness to foster a collaborative and productive relationship with both the Libyan authorities and Eni in executing a successful exploration program.

The awarded block O1 is situated in the offshore Sirte Basin, covering an area of approximately 29,000 km², with water depths reaching up to 2,000 meters. This strategic location presents significant opportunities for energy exploration and production, contributing to the expansion of QatarEnergy's global operations and partnerships.