Libya’s National Oil Corporation (NOC) has announced a significant onshore oil discovery in the Ghadames Basin, located in northwestern Libya near the Algerian border. The find was made by its subsidiary, the Arabian Gulf Oil Company (AGOCO), marking another step forward in Libya’s efforts to revive its energy sector.
According to an official statement reported by Reuters, the discovery was made at the H1-NC4 well, producing an estimated 4,675 barrels of crude oil and around 2 million cubic feet of gas per day. This follows another major announcement last week, when the NOC revealed a new oil find by OMV, the Libyan arm of the Austrian energy firm, in Block 106/4 within the Sirte Basin.
Tests conducted by OMV indicated that the exploration well is yielding more than 4,200 barrels of oil daily, with expected gas output exceeding 2.6 million cubic feet per day. The find marks OMV’s first successful discovery in this block under the 2008 Exploration and Production Sharing Agreement (EPSA) signed with the NOC.
OMV’s return to Libya at the end of 2024, after more than ten years of suspension, reflects growing confidence in the country’s improving security conditions. Many foreign operators had halted exploration following the 2011 uprising that ousted Muammar Gaddafi and triggered years of instability.
In recent months, the NOC has confirmed that international oil giants are resuming operations. Algeria’s Sonatrach restarted exploration in the Ghadames Basin in mid-October, while Italy’s Eni resumed offshore projects northwest of Libya after a five-year pause.
In July, the NOC further strengthened Libya’s oil revival by signing agreements with BP and Shell to explore and assess new fields nationwide. These developments underscore a renewed momentum in Libya’s oil industry and its growing appeal to global energy investors.