Libya Announces Ambitious Plan to Drill Up to 100 Oil and Gas Wells in 2026

Libya Announces Ambitious Plan to Drill Up to 100 Oil and Gas Wells in 2026

Libya has unveiled an aggressive drilling campaign targeting between 70 and 100 oil and gas wells in 2026, marking a dramatic escalation in the country’s efforts to revive upstream activity and restore its position as a major oil producer.

The announcement was made by Libya’s Minister of Oil and Gas, Dr. Khalifa Abdulsadek, in Tripoli, representing more than triple the number of wells drilled in 2025 and underscoring the country’s renewed operational momentum. “Last year, we drilled more than 30 wells. We are targeting more than 70 wells or even more than 100 wells this year and we will keep building in the coming years,” Minister Abdulsadek declared.

The ambitious drilling program is anchored by Libya’s first major licensing round in 17 years, covering 22 blocks consisting of 11 onshore and 11 offshore areas across the Sabratha and Sirte Basins and the Cyrenaica Platform. With results expected in February 2026, the licensing round is anticipated to unlock a new wave of exploration and appraisal drilling as international operators move toward final agreements.

To support this massive scale-up, Libya has estimated annual investment requirements of $3 to $4 billion in 2026 and introduced its first unified drilling regulations aimed at improving safety and lowering operational costs. The National Oil Company and government entities have signed numerous cooperation agreements, memoranda of understanding, and development frameworks with international oil companies and service providers, reflecting renewed confidence in Libya’s upstream outlook.

Libya’s state-owned National Oil Company predicts that deepwater exploration in the Mediterranean will unlock new acreage and attract a wider range of international and national oil companies, setting the stage for major regional expansion of upstream activity. NOC Director of Exploration Abdulmonem Betikh emphasized the critical importance of deepwater targets, stating, “What we need from international oil companies is to focus on the deep targets. Deepwater exploration will facilitate regional growth and open up the acreage for investment by players all over the region and from across the world.”

The licensing round underpins Libya’s broader strategy to lift national production from around 1.4 million barrels per day to 2 million barrels per day by the end of the decade. Industry experts from Baker Hughes indicated that offshore activity and bid-round-driven investment will translate directly into higher output, with production expected to increase significantly in the coming years driven primarily by the bid round and offshore exploration and development.

Libya recorded a series of discoveries in late 2025, mainly in the Sirte and Ghadames basins, and aims for overall national output of 2 million barrels per day by 2030, backed by a $20 billion investment program. With deepwater drilling planned by energy majors Eni and bp, renewed participation from ExxonMobil and Chevron, and strategic gas infrastructure linking Libya to Europe, industry leaders see Mediterranean exploration as a platform for long-term regional growth and energy integration.

Representatives from major oilfield services companies emphasized the importance of quality seismic data and shortened development timelines to improve project economics. The focus remains on better-quality data, more efficient delivery, and reducing the time between discovery and production to enhance the overall economics of Libya’s oil sector revival.

Source: energycapitalpower.com