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Repsol Outlines Plans to Shape the Future of Energy Exploration in Libya, Targeting 350,000 Barrels Per Day (BPD) by 2025

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Repsol

In an exclusive interview with Energy Capital & Power, Josu Jon Imaz, CEO of Repsol, shares insights on the company’s production growth strategy, a nine-well exploration drilling campaign and its involvement in Libya’s upcoming bid round

TRIPOLI, Libya, January 17, 2025/APO Group/ — 

Repsol has been deeply involved in Libya for nearly three decades. How do you see your role evolving in the country over the next decade, particularly as Libya aims to increase its oil production significantly?

Repsol is dedicated to maintaining a lasting and meaningful presence in Libya, a country that has played a key role in our history and growth. Since 1994, we have operated continuously in Libya, demonstrating our strong commitment. However, our connection with the country began much earlier. In 1965, our predecessor, Hispanoil (La Sociedad Hispánica de Petróleos S.A.), was established with a vision to expand oil and gas exploration beyond Spain. By 1966, Hispanoil started its first operations in Libya’s Sirte Basin, beginning a partnership based on cooperation and shared success.

Over the years, our involvement in Libya has grown and strengthened, becoming a core part of our work. Today, we contribute to Libya’s energy sector through Akakus Oil Operations, our trusted local operator, managing licenses NC115 and NC186. These activities are essential not only to our company, but also to Libya’s economic development and energy stability. By providing valuable resources, we help support the country’s progress and improve the quality of life for its people, underscoring our role as a partner in Libya’s growth.

Looking to the future, we are preparing to take part in the 2025 Bid Round, the first since 2007, an event of great importance for Libya and the global energy industry. Securing new exploration opportunities is essential to maintaining our operations and continuing to contribute to the country’s future. Success in this process will allow us to meet Libya’s energy needs, promote local development and strengthen our relationship with the Libyan people.

Our vision extends beyond business. We are committed to Libya’s long-term success by supporting its communities and driving sustainable growth. Through innovation and collaboration, we aim to strengthen Libya’s energy sector, create economic opportunities and enhance the well-being of its citizens. With deep respect for Libya’s potential, we are proud to stand as a trusted partner, working together to build a brighter future for generations to come.

Repsol’s ambitious exploration campaign in Libya plays a central role in its strategy. Could you provide an update on the progress of this campaign, particularly the drilling of nine wells planned through November 2025? How are exploration activities progressing in contract blocks NC115 and NC186?

Our exploration campaign is both ambitious and strategically significant, reflecting our commitment to unlocking Libya’s energy potential. With a plan to drill nine wells consecutively, we have adopted an intensive approach to ensure the success of this initiative. Given the tight timeframe leading up to the November 2025 deadline, we have made the decision to deploy two drilling rigs to expedite the process. The first rig commenced operations in December 2024, spudding the initial exploration well, while the second rig is scheduled to begin activity in February this year, reinforcing our ability to meet the campaign’s ambitious goals.

The scope of this campaign is diverse, encompassing a carefully selected portfolio of prospects. These range from conventional exploration opportunities to innovative stratigraphic plays that hold the potential to redefine exploration in the Murzuq Basin. The inclusion of these new stratigraphic targets represents a bold step toward expanding our understanding of the region’s geology and could pave the way for an entirely new exploration model within this key area.

We are committed to integrating sustainable energy practices into Libya’s long-term development by aligning our efforts with both the country’s economic and social priorities

We are highly optimistic about the results of this campaign, as it represents not just an opportunity to enhance our resource base, but also a chance to contribute to the advancement of exploration techniques in the Murzuq Basin. The outcomes of this work have the potential to shape the future of energy exploration in the region, aligning with our broader mission to drive innovation and create long-term value in Libya’s energy sector.

What is the current status of Repsol’s production enhancement plan in Libya, and how are you progressing toward the targets 300,000 BPD by December 2024 and 350,000 BPD by December 2025?

The Production Increase Plan has been a remarkable achievement driven by the power of teamwork. It represents the hard work and dedication of several key groups: our partners at the National Oil Corporation (NOC), Repsol and its Second Party partners (TotalEnergies, OMV and Equinor) and our Operating Company, Akakus Oil Operations. Each of these teams brought their unique expertise and skills to the table, working seamlessly together to transform a clear vision into a successful reality. It is this collaboration that allowed us to navigate the complex challenges involved and find effective solutions.

As with any great success, the foundation lies in the strength of the teamwork behind it. It is through the combined efforts of all these stakeholders that we have been able to reach our goal of 300,000 barrels of oil per day (bopd) by December 2024. This milestone is a clear indication of the capabilities and commitment of everyone involved, as we not only met our target but did so according to the plan.

We are now focused on the next phase of the project, which is to increase production to 350,000 bopd by the end of 2025. This is an ambitious but achievable target. With a robust portfolio of opportunities and an effective strategy in place, we are confident that we will meet this new goal. We have established a solid foundation during the first phase, and this momentum will carry us forward.

Looking beyond our immediate target, our efforts are also contributing to Libya’s broader production goals. The national plan aims to boost production to 2 million bopd by 2026, and we are proud to be part of this larger vision. By reaching our target of 350,000 bopd, we are playing an important role in helping Libya achieve this ambitious goal. Our continued collaboration, focus and expertise will be key to supporting the country’s energy ambitions in the coming years.

The success we’ve achieved so far is a direct result of effective teamwork, technical expertise and a shared commitment to reaching our production goals. As we move into the next phase, we are confident that, together, we will continue to exceed expectations and contribute meaningfully to Libya’s growing oil production capacity.

Repsol has highlighted its strong collaboration with the NOC and local stakeholders. How are you integrating sustainable energy practices with Libya’s economic and social priorities to support the country’s long-term development?

At Repsol, we are committed to integrating sustainable energy practices into Libya’s long-term development by aligning our efforts with both the country’s economic and social priorities. In this context, we are actively collaborating with the NOC and local renewable energy authorities to advance sustainable energy solutions. We are also focused on reducing gas flaring in our operations. By capturing and using the associated gas, we can power turbines and generate electricity, providing a more sustainable energy solution. Furthermore, we are working on a project at the FEED (Front End Engineering Design) stage to establish a plant in Ubari that will supply Liquefied Petroleum Gas (LPG) to the local population, improving energy access and supporting the community’s development.

Through these initiatives, we are not only contributing to Libya’s energy transformation, but also supporting its long-term social and economic growth by providing more sustainable energy solutions.

Distributed by APO Group on behalf of Energy Capital & Power.

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African Development Bank Partners with Interpol to Combat Financial Crime and Strengthen Anti-Corruption Efforts in Africa

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According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy

ABIDJAN, Ivory Coast, February 21, 2025/APO Group/ –The African Development Bank Group (www.AfDB.org) has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol) today. The Bank Group is the first multilateral development bank to establish such a collaboration with Interpol.

The Letter of Intent was signed on Wednesday by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, who visited the Bank’s headquarters in Abidjan.

The partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption (https://apo-opa.co/3QrB4ku) and Interpol’s Financial Crime and Anti-Corruption Centre. It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.

As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges, Adesina said.

Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions (https://apo-opa.co/41o3TVt) [according to Publish What You Fund’s assessment of sovereign portfolios], we maintain zero tolerance for corruption and terrorism financing. By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”

Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy.

Secretary General Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions. Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”

Adesina said the Bank will continue to tackle these challenges by:

  • Building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies.
  • Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption.
  • Ensure that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund.

The high-level Interpol delegation that accompanied Secretary General Urquiza included Mr. Silvino Schlickmann, Director of Governance and Ms. Paule Ouedraogo, Head of Interpol’s Regional Bureau.

The African Development Bank Group was represented by members of President Adesina’s senior management team including the director of the Office of Integrity and Anti-Corruption, Ms. Paula da Costa.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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World-leading Crypto Event Launches APAC’s Largest Debut with Consensus Hong Kong 2025

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Blockchain

Over 350 side events transformed mega digital assets event to mega festivities
HONG KONG SAR – Media OutReach Newswire – 21 February 2025 – Regarded as the “Super Bowl of Blockchain” and “the World Cup of Web3”, Consensus, the most influential and longest-running event of the crypto world, picked Hong Kong as a destination to expand beyond North America, with a record-setting debut of nearly 10,000 from over 100 countries and regions converging at the Hong Kong Convention and Exhibition Centre from 18-20 February.

Phoebe Shing, Director, Business Development Team Lead, MICE • MICE-Business Development of the Hong Kong Tourism Board (HKTB), said, “The tremendous success of Consensus’s Hong Kong debut marked the city as one of the most conducive destinations to expand the global footprint of proven events. More than a world’s meeting place, Hong Kong is also a super-connector in the world of finance, innovation and technology (I&T) and global cultures. This mega crypto event also puts Hong Kong on the forefront of accelerating the region’s advancement, while generating high-yield tourism spending and business activities to fuel Hong Kong’s economy.”

A convergence of who’s who in the world of blockchain, digital assets and web3

Asia’s top financial policymakers, crypto thought-leaders and investors shared the main stage with Mainland and world pioneers in blockchain, digital assets and web3 fields, defining what’s next and mapping the way forward for greater impact. The cast of stellar speakers notably included Richard Teng, CEO of Binance, the largest crypto exchange by trading volume; Adam Back, CEO and co-founder of Blockstream, a global leader in Bitcoin and blockchain technologies; Yat Siu, Co-Founder & Chairman Animoca Brands, a global leader in blockchain and gaming; Hong Fang, President of OKX, a leading Web3 technology company and leading crypto exchange, and many more.

Sara Stratoberdha, CEO of CoinDesk said, “Consensus has been running for over 10 years and is one of the longest-running and comprehensive digital assets events in the world. Hong Kong, a Fintech hub in Asia serves as a global center for crypto and web3 technologies, with favourable policies and a large pool of talent for blockchain, digital assets and web3 to thrive. We are thrilled to see that over 75% of attendees are coming from outside Hong Kong. A truly international event! The city has proven the ideal choice for expanding Consensus beyond North America.”

A strong line-up of over 350 side events, delivering huge commercial value

Consensus Hong Kong 2025 was embellished with more than 350 side events, giving the energetic global crypto community diverse opportunities to showcase their expertise, create and renew partnerships and party to the heart’s content.

Michael Lau, Chairman of Consensus Hong Kong, added, “The scale of the inaugural Hong Kong event has surpassed our expectations, with nearly 10,000 attendees and what truly surprised us is that the community and industry were eager to participate and the fact that we ended up hosting over 350 side events is a strong testament to Hong Kong as a leading global FinTech hub where we have a vibrant ecosystem, entrepreneurial spirits, innovative cultures that nowhere else can replicate. I am also appreciative of the support from the HKTB in securing the event for the city I call home.”

Transforming business events into mega festivals

Consensus Hong Kong also spectacularly transformed a leading business event into a mega festival, kicking off with its Opening Party – Rooftop Revelry, held at Cloud 39, the ultra-luxury rooftop ballroom of iconic landmark in Central The Henderson that set the tone for the event’s sophisticated networking occasions. Action continued all the way to its long-established tradition of Music Festival and Crypto Fight Night, extending to Hong Kong’s unique horse-racing and night party at Lan Kwai Fong. The conference concluded with a bang with the Consensus Closing Party in Lan Kwai Fong, where participants were treated to an open bar, live music and fun networking.

Brad Spies, Vice President of Consensus, said, “Hong Kong has a long legacy of finance, banking and some of the deepest capital markets in the world; but it’s also such a vibrant and diverse city with the best restaurants, fantastic venues and unique experiences. The city simply fulfilled the promises of delivering the best of business and fun. Hong Kong is such a world-class city for people to come and transform business events into mega festivals.”

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Saudi Arabia Expands Energy Ties with Africa: A Look at Key Investments, Partnerships

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Following Saudi Arabia’s latest energy efficiency cooperation agreement with Egypt, the African Energy Week: Invest in African Energies 2025 conference will provide a vital platform to accelerate partnerships and secure new deals between Saudi Arabia and African countries

CAPE TOWN, South Africa, February 21, 2025/APO Group/ –Earlier this week, Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi and Saudi Arabia’s Minister of Energy Abdulaziz bin Salman Al Saud signed an agreement to develop an executive plan for energy efficiency cooperation, strengthening bilateral ties in the energy sector and fostering sustainable development. This follows another significant development in September, in which Egyptian Prime Minister Mostafa Madbouly secured a $5 billion pledge from Saudi Arabia’s PIF, representing the “first phase” of a larger investment strategy.

As a leading global energy giant, Saudi Arabia has been actively investing in Africa’s energy sector, aiming to expand its energy reserves, advance energy diplomacy and compete with other global superpowers. This strategic push not only strengthens Saudi Arabia’s influence in the region, but also paves the way for deeper economic and political ties with African nations.

To date, the lion’s share of investment in Africa’s energy sector has focused on clean energy advancements. With total project costs reaching $7 billion across the continent, Saudi developer ACWA Power stands as the leading private-sector investor in African renewable energy. In October 2024, the company announced that its Redstone solar plant in South Africa was set to achieve its full 100 MW capacity, while its Kom Ombo solar PV plant in Egypt successfully reached its full capacity of 200 MW. ACWA Power is also leading Project DAO, South Africa’s largest hybrid renewable power plant, with an $800 million investment. The project is expected to come online by 2026 and aligns with the Kingdom’s broader Vision 2030 goals.

In addition to renewable energy, Saudi Arabia is diversifying its investments to secure critical minerals for clean energy technologies. In October, Saudi Arabia’s Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), entered advanced talks to acquire a minority stake in First Quantum Minerals’ Zambian copper and nickel assets. The potential investment, valued between $1.5 billion and $2 billion, underscores Saudi Arabia’s strategy to secure critical minerals that are vital for the global clean energy transition.

Turning to broader regional commitments, Saudi Arabia’s financial support for Africa’s energy infrastructure has grown. In October, the Kingdom announced a major funding initiative, pledging at least $41 billion for sub-Saharan African nations. This includes $1 billion for development, $5 billion for startups, $10 billion in financing from the Saudi Export-Import Bank and $25 billion in private sector investments over the next decade.

Meanwhile, the Saudi Ministry of Energy has established the “Empowering Africa” initiative as part of its broader commitment to supporting sustainable development across the continent. In collaboration with the Ministries of Communications and Information Technology and Health, the initiative aims to deliver clean energy, connectivity, e-health and e-learning solutions to enhance lives and promote long-term growth in Africa. Building upon the Clean Fuel Solutions for Cooking Program, it focuses on providing cleaner cooking solutions to vulnerable populations, aiming to reduce reliance on traditional biomass fuels and improve health outcomes for millions of households. Minister bin Salman Al Saud has emphasized energy as a fundamental human right and is spearheading efforts to improve access to clean cooking technologies across the continent.

Additionally, state-owned petroleum company Saudi Aramco is strengthening its partnerships with African nations to support energy investments and mobilization. These collaborations are expected to drive infrastructure development, enhance oil and gas production capacity and facilitate knowledge transfer between Saudi and African energy stakeholders, while aligning with broader energy security and sustainability goals.

In the multilateral arena, the African Energy Chamber is working with Saudi Arabia to support South Africa’s G20 energy investments and mobilization. This partnership is set to facilitate greater financing and policy coordination, ensuring Africa’s energy priorities are well-represented in global energy discussions. The upcoming African Energy Week: Invest in African Energies conference in Cape Town serves as a key platform to facilitate and support these investments, bringing together Saudi stakeholders, African governments and global energy leaders to advance new projects, strengthen partnerships and accelerate the continent’s energy transition. These collaborations are essential in addressing energy challenges, driving economic growth and fostering long-term sustainability. As Saudi investments expand – alongside those of other G20 nations – their impact on Africa’s energy landscape will only deepen.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event. 

Distributed by APO Group on behalf of African Energy Chamber.

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