Libya to signal fuel offers with Italy’s Eni – Nationwide Oil company chief

Libya’s Nationwide Oil Company mentioned Wednesday (Jan. 25) it had reached an $8-billion cope with Italian vitality big ENI to develop offshore hydrocarbon websites.

“We’ve got reached a cope with ENI to develop the oil and fuel sector, by growing two offshore websites which collectively will be capable to produce 850 million cubic ft of fuel” per day, NOC head Farhat Bengdara informed Al-Masar, a Libyan information channel.

The $8 billion deal can be signed on Saturday at an official ceremony, he mentioned.

Requested by AFP to substantiate or deny the settlement, ENI declined to remark.

Italy has been scrambling to seek out alternate options to Russian vitality since Moscow’s invasion of Ukraine, and Italian Prime Minister Giorgia Meloni is ready to go to Tripoli within the coming days, in accordance with media studies either side of the Mediterranean.

Libya sits atop Africa’s greatest oil reserves however has been engulfed by battle for the reason that 2011 revolt that toppled longtime chief Moamer Kadhafi.

Management of oil sources, infrastructure and revenues has been a key driver of the long-running battle, involving a number of international powers and a myriad of militias.

Since March final yr, two governments have been vying for energy — one within the western capital Tripoli and one within the nation’s east, backed by army strongman Khalifa Haftar.

In December, the NOC known as on international firms within the hydrocarbons sector to renew their actions, saying it had evaluated the safety scenario and noting a “spectacular enchancment” at sure websites the place safety points had made it troublesome to function.

Libya is hoping to spice up its oil manufacturing to 2 billion barrels per day (bpd), up from round 1.2 at the moment.