Eni Denies Claims it's Downscaling Libyan Production

Italian oil giant Eni has denied reports that it is scaling down operations in Libya due to ongoing concerns about the political and security environment, reports Libya Herald.

Unnamed sources at the National Oil Corporation (NOC) have recently been cited in certain Arabic-language papers claiming that Eni was moving part of its investments from Libya to Egypt, but a spokesman for  the company told the Libya Herald:

The speculations reported by some Libyan media outlets, regarding a shift in a portion of Eni’s investments from Libya to Egypt due to the uncertain political situation, are false and without any foundation.

Prior to last year’s revolution, Eni was the biggest foreign oil company in Libya, producing 280,000 barrels of oil per day.

Having halted production during the war, the company was one of the first back into Libya, resuming operations in September 2011; it is now said to be producing around 240,000 bpd.

(Source: Libya Herald)

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