Eni and BP have commenced drilling the Matsola-1 exploration well, a significant deepwater wildcat offshore Libya. This is the first exploration well drilled off the country in years.

Location and Target

The well, officially designated A1-38/3, is located in Area C, approximately 180 kilometres offshore Benghazi. It is targeting a large prospect in the offshore extension of the Sirte basin. The water depth at the site is about 1900 metres, and the well is planned to reach a depth of approximately 4500 metres, targeting a Cretaceous-age carbonate structure.

Strategic Importance

The well is considered a "basin opener," with its progress being closely monitored by the industry. A discovery in this remote area would need to contain at least 500 million barrels of recoverable oil to justify a standalone development.

Operations and Ownership

The drillship Saipem 10000 is conducting the operation, having arrived on location around 11 January. Eni and BP each hold a 42.5% stake in Area C, with the Libyan Investment Authority holding the remaining 15%.