Tuesday, August 5, 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 Economy

Eni Announces New Oil & Gas Discoveries in Libya

December 3, 2022
Share on FacebookShare on Twitter

On Saturday, the CEO of the Italian company, Eni, Claudio Descalzi, announced new oil and gas discoveries in Libya. He said that Eni is currently discussing new projects in Libya.

This came in a statement made by Descalzi to the Italian Nova Agency on the sidelines of the eighth annual Mediterranean Dialogues Forum, which kicked off in Rome, in the presence of a number of Ministers, officials, and senior diplomats.

In October, the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, said that Eni will invest $8 billion 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, 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.

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.

Libya Agrees to Major Gas Deal with Eni and BP
Libyan Oil Minister Reiterates Support for Private Sector Cooperation

Tags: libyanew oil and gas discoveries
Next Post

Oil Tanker Docks in Libya to Export 1 Million Barrels to China

POPULAR CATEGORIES

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

MUST READ

Gunman Kills Young Man in His Car in Libyan Capital

Egypt & Greece Call for Simultaneous Elections in Libya

EU Warns of New Migration Threat Involving Libya & Belarus

Italian PM Cleared in ICC Libya Suspect Scandal

ExxonMobil Set to Return to Libya with Offshore Gas Exploration Deal

Archaeologists Uncover 10,000-Year-Old Art in South Libya

EDITOR PICKS

UN Reaffirms Support for Libya’s National Reconciliation

Libya Targets Irregular Migration With Mass Deportations

Libya & ExxonMobil Sign Offshore Energy Deal

Libya Deports 250 Somali Migrants

Libya & ICRC Discuss Humanitarian Cooperation in Benghazi

Italian PM Cleared in ICC Libya Suspect Scandal

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

© 2024 LR

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

© 2024 LR