Eni S.p.A. and QatarEnergy announced that they have been awarded offshore exploration License O1 in Libya’s first oil auction since 2007, a decision disclosed on February 11, 2026. The block, located in the Gulf of Sirte, will allow the joint venture to develop production facilities and add to Eni’s upstream portfolio.
The win is a key component of Eni’s upstream growth strategy, which targets 3‑4% annual production growth through 2030 and a hydrocarbon output of 1.7 million barrels of oil equivalent per day in 2025. By securing this Libyan block, Eni moves closer to that 1.7 Mboed goal and gains a new source of output that can be integrated into its existing operations, potentially boosting cash flow in the coming years.
Libya’s sector revival is a central backdrop to the auction. The country holds Africa’s largest proven oil reserves—estimated at 48.4 billion barrels—and aims to lift production from the current 1.4‑1.5 million barrels per day to 2 million barrels per day by 2030. The new licensing round introduced investor‑friendly production‑sharing agreements with enhanced fiscal terms, signaling the government’s commitment to attracting foreign expertise and capital after years of instability.
The auction attracted several major players, including Chevron, Repsol, MOL, and Aiteo, underscoring the competitive nature of the opportunity. Eni’s partnership with QatarEnergy not only strengthens its position in the Mediterranean but also builds on a growing collaboration that has expanded across the region’s energy markets.
Strategically, the Libyan block supports Eni’s dual focus on optimizing its oil and gas portfolio while advancing its net‑zero emissions target for 2050. The company plans to leverage the new asset to enhance upstream efficiency, support its renewable energy investments, and maintain a balanced portfolio that aligns with its long‑term decarbonization roadmap.
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