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bp and NOC sign MoU to explore redevelopment of giant Libyan oilfields and unconventional potential

Release date:
7 July 2025
bp has signed a Memorandum of Understanding (MoU) with Libya’s National Oil Corporation

bp has signed a Memorandum of Understanding (MoU) with Libya’s National Oil Corporation (NOC) to evaluate redevelopment opportunities in the mature giant Sarir and Messla oilfields in Libya’s Sirte basin, including the exploration potential of adjacent areas, and to understand the wider unconventional oil and gas potential within the country. 

 

The agreement provides a framework for bp to assess a range of technical data and to effectively work with NOC to evaluate presented opportunities and determine the feasibility of future development and exploration programmes.

 

“This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector. We hope to apply bp’s experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets.”

 

William Lin, bp executive vice president gas & low carbon energy

 

William Lin, bp executive vice president gas & low carbon energy, said: “This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector. We hope to apply bp’s experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets. We look forward to conducting thorough studies, working closely with NOC, to evaluate the resource potential of this promising region.”

Notes to editors

 

  • The Sarir and Messla oilfields, located in the Sirte Basin, rank among Libya’s largest. Sarir was discovered in 1961 and Messla in 1971. The scope of this MoU is a significant potential addition to bp’s Libya portfolio.
  • bp re-entered Libya in 2007, when it signed an Exploration and Production Sharing Agreement (EPSA) covering exploration areas A and B (onshore), and area C (offshore) with Libya’s NOC. The EPSA was later put on hold following the declaration of force majeure. 
  • In 2022, Eni acquired a 42.5% and assumed exploration operatorship of the EPSA, with bp retaining a 42.5% interest and the Libyan Investment Authority holding the remaining 15%. 
  • In 2023, Eni and bp formally lifted the force majeure, resuming exploration operations in the onshore areas.

Further information

 

Contacts

 

bp press office, London: bppress@bp.com

Cautionary statement

 

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’) and the general doctrine of cautionary statements, bp is providing the following cautionary statement.

 

This press release contains certain forecasts, projections and forward-looking statements – that is, statements related to future, not past events and circumstances – with respect to the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘targets’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will or may occur in the future and are outside the control of bp. Actual results or outcomes, may differ materially from those expressed in such statements, depending on a variety of factors, including the risk factors discussed under “Risk factors” in bp’s most recent Annual Report and Form 20-F as filed with the US Securities and Exchange Commission and in any of our more recent public reports

 

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, ‎or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.‎