Libya re-implements oil investment deal with ENI
The Libyan National Petroleum Corporation (NOC) has announced that it has started to re-implement the investment project agreement signed in 2008 with the Italian energy company ENI.
A written statement on the subject was made by the National Petroleum Corporation. In the statement, it was reminded that the commercial advertisement of the project was made in 2013, but for various reasons, it has not been implemented until today.
It was stated that the agreement was re-implemented in 2025 to compensate for the expected deficit in Libya’s natural gas production.
In the statement of the institution, it was noted that the amount of gas production in the Al-Vefa and Es-Salam oil fields will begin to decrease in 2025, drawing attention to the urgent need to implement the 8 billion dollar project.
According to the statement, if the said decline is not compensated by investment and increased production, there will be a deficit in gas supply for domestic consumption, which will force Libya to import gas to operate its power plants.
The Libyan National Petroleum Corporation held a meeting with the ENI management on August 24, where it demanded the implementation of the project, and the company announced that it had hesitations due to political and security concerns.
8 billion dollar investment
NOC President Ferhat Bin Kıdara told Sky News on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) held in the United Arab Emirates on July 31, that natural gas drilling works are carried out in a Libyan field in the Mediterranean. He said that they have reached an agreement with Italian ENI and British BP energy companies on the issue.
Bin Kıdara said that Italian energy company ENI will invest 8 billion dollars to develop natural gas drilling and production works in western Libya, “The size of Libya’s natural gas reserves will be announced after production starts. However, Libya’s proven natural gas reserve is 80 trillion. exceeds cubic meters,” he said.