As onshore drilling is expected to drive overall drilling activity in Africa in 2024, Libya offers several lessons for emerging onshore markets in attracting foreign investment and successfully bringing new discoveries online. An onshore oil discovery last May in Area 82 of Block 4 – located in the Ghadames Basin – represents the third discovery in the area. Typically producing over 300,000 bpd, the field serves as a testament to Libya’s onshore prowess and large-scale production capabilities. With the stated goal of increasing production to two million bpd by 2030 from its current rate of 1.2 million bpd, Libya’s onshore assets are set to play a decisive role in meeting this benchmark. As the costs of exploration and production become more competitive, African markets with untapped onshore potential could learn from Libya’s market prowess and robust pipeline of onshore projects.

Source: Libya Today December 29, 2023 08:25 UTC