Tuesday, June 24, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libya Agrees to Major Gas Deal with Eni and BP

November 1, 2022
Share on FacebookShare on Twitter

On Monday, the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara said that they have agreed with Italy’s Eni and the British Petroleum Company (BP) to begin extracting natural gas from an offshore gas field, believed to be bigger than Egypt’s Zohr field.

In statements to Skynews Arabia on the sidelines of an industry conference in Abu Dhabi, Bengdara said that Eni will invest $8 billion dollars to develop natural gas fields in western Libya.

He added that Libya expects between $35 billion and $37 billion in oil revenue this year, and that it has proven natural gas reserves that exceed 80 trillion cubic feet.

Eni has been working together with the Italian government to clinch deals with alternative gas suppliers, in the face of increasing uncertainty over supplies from Russia.

According to the Upstream oil website, this comes at a time when Libya aims to complete the review of its financial system by the end of 2022, to attract investors. Libya is discussing projects worth $7.5 billion dollars, which aim to provide additional gas to Europe, which is attempting to wean off of Russian gas supplies.

The former CEO of Eni, Paolo Scaroni said that the Italian government has taken steps to import gas from Mozambique, Congo, and Algeria. He added that there is also a chance to increase oil production in Libya to compensate.

In an interview with the La Verita newspaper, Scaroni added that Rome is not ready to give up Russian gas at present. He noted that this would require greater cooperation with Africa.

In August, Libya’s Oil Minister, Mohamed Aoun stated that Libya can only compensate for a small part of Russian oil supplies destined for Europe, even if all its fields are developed.

In press statements to the Italian news agency, Nova, Aoun said that “If the oil and gas discoveries are developed in all of Libya, which will take three to seven years, we will be able to compensate only a small part of the Russian supplies. Therefore, I do not think that Libya is able to compensate for the large amounts of energy that Russia is producing.”

He explained that the offshore gas fields are under development due to an agreement between the NOC and Eni. He added that future production will not be able to meet domestic needs.

  • Eni: Oil Production Drops 6.6% Due to Coronavirus & Situation in Libya
  • Libya Planning on Increasing Oil Production
  • Libya Plans to Increase Oil Production to 2 Million
  • France’s Total to Support Boosting Libyan Oil Exports
  • New UNSMIL Head Meets with NOC Chairman
Tags: BPEniFarhat bin QadaraGas Deallibya
Next Post

Algeria Calls for "Prompt" Libyan Elections

Please login to join discussion

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Libya’s Benghazi Hosts Major Italy-Libya Business Event

Italian PM Urges EU to Prioritise Libya’s Stability

Libya to Benefit from Global Oil Price Surge

Libya Tops Agenda in Egypt-Turkey Talks

Greece to Deploy Navy Near Libya to Monitor Migrant Departures

Libya’s Benghazi Hosts International Exhibition on Telecommunications & Digital Economy

EDITOR PICKS

Saddam Haftar Meets Egyptian Army Chief to Boost Joint Security Plans

Greece Reaffirms Willingness to Negotiate Sea Borders with Libya

Italy Resumes Direct Flights to Benghazi

Global Powers Support UNSMIL Roadmap to Resolve Libyan Crisis

US Reaffirms Support for Berlin Process & Libyan Political Roadmap

UN Envoy Urges Support for New Political Roadmap in Libya

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR