bp has signed a Memorandum of Understanding (MoU) with Libya’s National Oil Corporation (NOC) to evaluate redevelopment opportunities in the mature giant Sarir and Messla oilfields in Libya’s Sirte basin, including the exploration potential of adjacent areas, and to understand the wider unconventional oil and gas potential within the country.

The agreement provides a framework for bp to assess a range of technical data and to effectively work with NOC to evaluate presented opportunities and determine the feasibility of future development and exploration programmes.

William Lin, bp executive vice president gas & low carbon energy, said: “This agreement reflects our strong interest in deepening our partnership with NOC and supporting the future of Libya’s energy sector. We hope to apply bp’s experience from redeveloping and managing giant oil fields around the world to help optimize the performance of these world-class assets. We look forward to conducting thorough studies, working closely with NOC, to evaluate the resource potential of this promising region.”

Notes:

   - The Sarir and Messla oilfields, located in the Sirte Basin, rank among Libya’s largest. Sarir was discovered in 1961 and Messla in 1971. The scope of this MoU is a significant potential addition to bp’s Libya portfolio.
   - bp re-entered Libya in 2007, when it signed an Exploration and Production Sharing Agreement (EPSA) covering exploration areas A and B (onshore), and area C (offshore) with Libya’s NOC. The EPSA was later put on hold following the declaration of force majeure.
   - In 2022, Eni acquired a 42.5% and assumed exploration operatorship of the EPSA, with bp retaining a 42.5% interest and the Libyan Investment Authority holding the remaining 15%.
   - In 2023, Eni and bp formally lifted the force majeure, resuming exploration operations in the onshore areas.

About bp

bp (NYSE: BP, LSE: BP.L) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About Libya’s National Oil Corporation (NOC)

Established in 1970, Libya’s National Oil Corporation (NOC) has been the backbone of the country’s energy sector for over five decades. As guardians of Libya’s vast oil and gas reserves, NOC is committed to sustainable resource development while maintaining it's position as a key player in the global energy market. NOC’s journey is defined by resilience, innovation, and strategic collaborations with international partners—strengthening Libya’s energy