• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. MENA Europe
  4. Libya's National Oil Corporation to sign $8bln gas deal with ENI
MENA

Libya's National Oil Corporation to sign $8bln gas deal with ENI

  • By Al Mayadeen English
  • Source: Agencies
  • 25 Jan 22:59

Libyan NOC says it reached a deal with ENI to develop two offshore sites capable of producing 850 million cubic feet of gas per day.

  • A Libyan oil worker from the Libyan National Oil Corporation checks an oil pipelines at the Zawiya oil installation on 22 August, 2013 in Zawiya, Libya (AFP)
    A Libyan oil worker from Libya's National Oil Corporation checks an oil pipeline at the Zawiya oil installation on August 22, 2013 in Zawiya, Libya. (AFP)

Libya's National Oil Corporation (NOC) announced on Wednesday that it had reached an $8-billion deal with Italian energy giant ENI to develop offshore hydrocarbon sites.

"We have reached a deal with ENI to develop the oil and gas sector, by developing two offshore sites which together will be able to produce 850 million cubic feet of gas" per day, NOC head Farhat Bengdara told Al-Masar, a Libyan news channel.

Bengdara said the $8 billion deal would be signed on Saturday at an official ceremony.

Italy has been scrambling to find alternatives to Russian energy since the start of the war in Ukraine. According to Italian and Libyan media reports, Italy's Prime Minister Giorgia Meloni is set to visit Tripoli in the coming days.

Libya sits atop Africa's biggest oil reserves but has been engulfed by conflict since the 2011 NATO-backed aggression on the country, resulting in ousting Muammar Gaddafi and later killing him.

  • Natural Resources in Libya
    Natural resources in Libya

Control of oil resources, infrastructure, and revenues has been a key driver of the long-running conflict, involving multiple foreign powers and militias.

In December, the NOC called on foreign companies in the hydrocarbons sector to resume their activities, pointing out that it had evaluated the security situation and noticed a "spectacular improvement" at certain sites where security issues had made it difficult to operate.

Libya is hoping to boost its oil production to two billion barrels per day, up from around 1.2 currently.

Read more: 11 years on... UK gets what it was always after; Libya's oil

  • Georgia Meloni
  • North Africa
  • Libya
  • Italy
  • Tripoli

Trending Now

All
Meloni eyes African oil & gas, lands in Libya after Algeria visit

Meloni eyes African oil, gas; lands in Libya after Algeria visit

Most Read

Treasury Secretary Janet Yellen listens to opening remarks before testifying before the Senate Finance Committee about the President's proposed budget request for the fiscal year 2024, Thursday, March 16, 2023, on Capitol Hill in Washington. (AP)

US Debt ceiling ‘must be raised’ ahead of default: Treasury Secretary

  • US & Canada
  • 16 Mar
Rallies held in Washington DC to protest US militarism

Peace rallies held in Washington DC to protest US militarism

  • US & Canada
  • 18 Mar
Poland

Poland may end up 'joining' Ukraine war: Polish Ambassador to France

  • Europe
  • 20 Mar
Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

Iran–Saudi Deal: Not a Diplomatic Normalisation, But An ‘Architecture’

  • Analysis
  • 19 Mar

Read this

All
A US occupation soldier kicks a home in Baghdad, traumatizing a dad and his son on November 4, 2008. (Reuters)
US & Canada

Iraq WMDs lies echo a culture of US intelligence failures

  • Today
Footage taken from a mass shooting in California on January 23, 2023. (Reuters)
US & Canada

Ex-US soldier shoots dead 3 children, fellow soldier in murder-suicide

  • Today
Russia’s new ambassador to the United States Anatoly Antonov speaks at a press conference. (AP)
Europe

West bringing world to a 'nuclear Armageddon': Antonov

  • Today
Refugees crossing from mainland Europe to the UK via the English Channel. (Reuters)
US & Canada

UK uses Rwanda deportation card as threat against asylum seekers

  • Today
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS