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 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.