Stock Markets March 16, 2026

Eni Confirms Two Major Gas Finds Offshore Libya Totaling Over 1 Tcf

Discoveries in Metlaoui formation expected to add roughly 130 mmcf/d and be tied back to existing Bahr Essalam infrastructure

By Nina Shah
Eni Confirms Two Major Gas Finds Offshore Libya Totaling Over 1 Tcf

Eni reported two new gas discoveries in Libya’s offshore Metlaoui formation that together exceed 1 trillion cubic feet. Libyan state oil company officials say the finds should yield about 130 million cubic feet per day, supplying domestic demand and exports to Italy with rapid connection possible to the nearby Bahr Essalam field.

Key Points

  • Eni discovered two offshore gas wells in Libya’s Metlaoui formation totaling more than 1 trillion cubic feet.
  • Libya’s National Oil Corporation expects the finds to add about 130 million cubic feet per day for domestic supply and exports to Italy.
  • Close proximity to the Bahr Essalam field allows for rapid tie-back to existing offshore infrastructure, potentially accelerating production integration.

Eni announced that its ongoing exploration campaign offshore Libya has uncovered two new gas deposits estimated to total in excess of 1 trillion cubic feet. The company said the discoveries were made in the Metlaoui formation, identified as the primary productive reservoir across the area of the Mediterranean Sea where the wells were drilled.

The newly drilled wells, named Bahr Essalam South 2 and Bahr Essalam South 3, lie approximately 85 kilometers offshore and about 16 kilometers south of the established Bahr Essalam field. Well tests reportedly confirmed productive capacity within what Eni characterized as a high-quality reservoir.

Libya’s state-run National Oil Corporation (NOC) provided an output estimate for the discoveries, saying they are expected to contribute around 130 million cubic feet of gas per day. The NOC added that the supply would be directed to the Libyan domestic market and exported to Italy, and that the additional volumes would support the corporation’s ability to meet both local and global market needs while addressing supply shortages.

The proximity of the new wells to the Bahr Essalam field - the largest offshore field in Libya, in operation since 2005 - was highlighted as a key operational advantage. That closeness should permit a rapid tie-back to existing offshore facilities, shortening the timeframe between discovery and production.

Eni has maintained a presence in Libya since 1959 and the company described the latest finds as part of its continuing expansion of gas production capacity in the Mediterranean region, where it operates across multiple countries.


Context and operational implications

The discoveries are reported to be in a primary reservoir for the area and have returned productive well test results, which supports the technical case for commercial development and fast integration with nearby infrastructure. According to statements from the NOC, the expected daily production volume will serve both domestic consumption and export commitments.

What remains limited in available information

  • The announcement provides estimates of total gas in place and an expected daily production contribution, but it does not include a development timeline or capital expenditure details.
  • No specific production startup date or contract arrangements for exports to Italy were disclosed in the information provided.

Risks

  • The announcement does not include a development schedule or capital expenditure estimates - this creates uncertainty about timing of production and financial commitments.
  • There is no disclosure of export contract terms or start dates for gas shipments to Italy, leaving commercial arrangements and revenue timing unclear.
  • Operational or regulatory challenges in offshore development could affect the pace at which the estimated 130 million cubic feet per day is realized.

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