Libya Business News
Thursday, March 30, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Oil & Gas

Eni, BP, NOC sign Deal to Resume Libyan Exploration

9th October 2018
in Oil & Gas
Eni, BP, NOC sign Deal to Resume Libyan Exploration
Share on FacebookShare on Twitter

National Oil Corporation (NOC) Chairman, Mustafa Sanalla, BP Group Chief Executive, Bob Dudley, and Eni CEO, Claudio Descalzi, signed a Letter of Intent (LOI) in London today which will launch the process for Eni to acquire a 42.5% stake in BP’s Exploration and Production Sharing Agreement (EPSA) in Libya, with an aim to boost in-country exploration and development activities and promote Libya’s investment environment.

The LOI also strengthens the parties’ commitment to contribute to social development in the country through the implementation of social impact initiatives, including specific education and technical training programs.

The agreement aims to launch the acquisition process for Eni to obtain a 42.5% participating interest and the assignment of the operatorship, currently held by BP, in the contractual areas A and B (onshore) and C (offshore) in Libya. BP holds an 85% working interest of the second party share in each block, with the Libyan Investment Authority (LIA) holding the remaining 15%. The parties intend to finalize and execute all necessary agreements by current year-end, with the aim of re-starting exploration activities in 2019.

Eni CEO Claudio Descalzi said:

“This is an important milestone that will help to unlock Libyan exploration potential by resuming EPSA operations that have remained suspended since 2014. It contributes towards creating an attractive investment environment in the country, aimed at restoring Libya’s production levels and reserve base by optimizing the use of existing Libyan infrastructure.”

NOC Chairman Mustafa Sanalla commented:

“This agreement is a clear signal and recognition by the market of the opportunities Libya has to offer and will only serve to strengthen our production outlook. The agreement’s social development guarantee is an important sign of our joint commitment to our staff and the communities in which we work. This initiative will hopefully drive further inward investment and facilitate higher production levels.”

BP Group Chief Executive Bob Dudley said:

“This is an important step towards returning to our work in Libya. We believe that working closely together with Eni and with Libya will allow us to bring forward restarting exploration in these promising areas.”

BP’s EPSA will benefit from significant synergies with Eni–NOC existing facilities and Mellitah Oil & Gas Co operational resources - applying Eni’s fast-track delivery model to accelerate production. This will further support NOC to meet its domestic energy supply needs and promote the development of Libyan capability through training and social investment.

This transaction will reinforce and strengthen the existing strategic and privileged partnership between parties over the longer-term.

(Source: Eni)

Tags: BPEniepsaExplorationfeaturedgas explorationItalyLibyan Investment Authority (LIA)MellitahNational Oil Corporation (NOC)oil explorationUnited Kingdom

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.