Repsol Energy has announced its decision to recommence exploration activities in El-Sharara oil field following the lifting of force majeure by Libya’s National Oil Corporation (NOC), which had led to the shutdown of the field three weeks ago.
Operated by Akakus, a joint venture involving the Libyan National Oil Corporation, Repsol, TotalEnergies, OMV, and Equinor, Al-Sharara stands as one of the largest oilfields in the Murzuq Basin, boasting a production capacity of nearly 300,000 barrels of oil per day. The region’s politically unstable climate has been a significant factor contributing to various production disruptions in the oilfield.
Repsol anticipates that El-Sharara’s output will gradually increase to 260,000 barrels of oil per day in the coming days. The company holds interests in the NC115 and NC186 blocks, strategically positioned 7,000 kilometers south of Tripoli, both containing oil accumulations.
Highlighting its commitment to restarting exploration and production activities in Libya, Repsol plans to initiate drilling in the NC115 and NC186 licenses, with up to six exploration wells scheduled for the current year. The company originally commenced exploration and production activities in Libya during the 1960s, with oil production in block NC115 commencing in 1996 and in NC186 in 2003.