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Eni Boosts Gas Production In Libya With $8 Billion Investment | OilPrice.com

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Italian oil major Eni is set to sign an agreement with Libya’s state-owned National Oil Corporation that will see it invest around US$8 billion to produce gas from two offshore fields.

- Jan 31, 2023, 5:00 PM CST

The deal – as stated by the NOC’s chairman, Farhat Bengdara, in a television interview with the local al-Masar station - would involve the renewal of an existing agreement originally struck in 2008. Eni currently produces gas in Libya from its Wafa and Bahr Essalam fields operated by Mellitah Oil & Gas, a joint venture between the Italian company and the NOC.

The core problem in this respect has been the ongoing lack of clarity in the agreement of 18 September 2020 as to how funds from Libya’s gas and oil sector would be divided up between the various political factions active there.

 

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