RIYADH: QatarEnergy has secured a marine exploration license in Libya following the conclusion of the “Libya Bid Round,” marking its entry into the country’s energy sector.
In a statement, QatarEnergy said Libya’s National Oil Corp. announced the results of the competitive bidding process, the first licensing round held in the country since 2007.
Exploration and production rights for Block O1 were awarded to a consortium comprising QatarEnergy, which holds a 40 percent participating interest, and Italy’s Eni, the operator, with a 60 percent stake.
Commenting on the development, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, said: “We are pleased to have been awarded exploration rights in this area and are encouraged by the potential of Libya’s offshore sector and the opportunities to expand our footprint in North Africa.”
He added: “I would like to thank and congratulate the Libyan authorities on the success of this licensing round. We look forward to working closely with the Libyan authorities and Eni to ensure the successful execution of the exploration program.”
