BP, Shell to study hydrocarbon potential at three Libyan oilfields
Libya, Africa's second-largest oil producer and a member of the Organization of the Petroleum Exporting Countries (OPEC), has suffered from disruptions in oil activities due to disputes between armed rival factions over oil revenues that have often led to oilfield shutdowns.
Foreign investors have been wary of putting money into Libya, which has been in a state of chaos since the overthrow of Muammar Gaddafi in 2011. However, oil giants like Eni (ENI.MI), opens new tab, OMV (OMVV.VI), opens new tab, BP, and Repsol (REP.MC), opens new tab resumed exploration activities in Libya last year after halting them for a decade.
BP will reopen its office in the capital Tripoli during the last quarter of 2025, NOC said.
It also said it signed a memorandum of understanding with BP to conduct studies to assess the potential for hydrocarbon exploration and production in the Messla and Sarir oilfields, as well as in some surrounding exploration areas.
Separately, the state oil firm said it agreed with Shell to evaluate hydrocarbon prospects and conduct a comprehensive technical and economic feasibility study to develop the Atshan oilfield and other fields fully owned by the NOC.
The national oil output in the past 24 hours has reached 1.385 million barrels per day, according to the NOC website.
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Mark Bristow, Barrick's CEO, told Reuters the company had received only informal information about the restart and gold shipment. "If it is true, any plans by the administrator to restart operations and sell gold on the site in our view would be illegitimate," Bristow said. The plant started operating on Monday for the first time since January, three additional sources said. Makadji and Mali's mines ministry did not immediately respond to queries by Reuters. Toure could not be reached. Barrick suspended operations after Mali blocked exports, executives and seized bullion. It also launched international arbitration to resolve the dispute. The move to restart the complex comes amid a two-year standoff between Barrick and Mali's military-led government over alleged tax disputes and the company's refusal to adopt a new mining code aimed at boosting state revenue from soaring gold prices. Indeed, investors who have poured billions into West Africa are now compelled to adopt new rules as the military governments of Mali, Niger and Burkina Faso seek a bigger share of mining revenue. Gold prices have jumped 25% this year to date, and peaked at $3,500 per ounce in April, according to Reuters data. Selling the ton of gold - which has sat in Loulo-Gounkoto's gold room since operations were suspended, and is separate from three tons seized in January - would be one of Makadji's first key actions after formally taking charge of the largest gold mining operation in Mali and the third-largest in Africa. Restarting without Barrick's cooperation may set a precedent for state intervention in the West African mining industry. Funds from the planned gold sale, worth about $107 million, are expected to be used to finance operational expenses, including salaries, fuel and unpaid dues to contractors. Barrick's chief has vowed to challenge the government's moves in international courts. "We will use every legal measure at our disposal to hold the state and the individuals involved accountable for these unlawful actions to protect our people and to defend our investments," Bristow said, adding that Mali had not acted in good faith. Makadji has told Barrick staff, union representatives and subcontractors he is committed to resuming operations and maintaining salaries, three of the sources, who attended meetings with him, told Reuters. Significant challenges lie ahead for the new management, six people said, noting that the scale of Loulo-Gounkoto added to the complexity of running it. "Even if production starts, we would need at least four months to get back to normal pace - and four months was the scenario with Barrick Gold, but now it's the provisional administration, so it will probably be more," one of the people said. Meanwhile, Barrick has cut its 2025 output forecast, and its chief wasn't sanguine on the mine's outlook under the provisional administration. "We do not believe that the administrator and his advisors can run this mine," Bristow said. "We are concerned that such attempts will cause severe damage to the long-term prospects of the complex." For the quarter ended December 2024, Loulo-Gounkoto's all-in sustaining cost, a metric miners use to calculate the cost of producing an ounce of gold, was $100 million. Since losing control of the complex, Barrick has restricted intranet and email access in Mali. Only Bamako-based staff were paid for June, while those on site remain unpaid, according to three sources. Bristow said the administrator was responsible for June salaries and that Barrick had provided a detailed handover note. It would also be challenging to recall key expatriate staff, two sources said. These include Australian jumbo drill operators absent since January, one of them said. 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