The Chairman of the National Oil Corporation (NOC), Farhat Bengdara praised the role of the Libyan National Army (LNA) and the Petroleum Facilities Guard in securing oil fields.
This came during Bengdara’s speech at the Oil and Gas Sector Support Forum, organized by the NOC, and held in Tripoli.
Bengdara noted that the LNA’s efforts have “contributed to the stability of oil production and exports, and encouraged the return of international companies to Libya.”
Last week, the NOC noted that it expects to achieve net revenues estimated at $13 billion dollars from its deal with Eni. Bengdara said that the value of the investments included in the agreement amounts to $8 billion dollars within 3 years.
During a press conference with Eni CEO, Claudio Descalzi, Bengdara added that the agreement “includes the development of gas fields with reserves close to 6 trillion cubic feet, and a production capacity of 750 million cubic feet per day for a period of about 25 years.”
Bengdara called on international companies to “quickly resume their activity in the country, according to the declaration of lifting force majeure in December.”
The development of the agreement with Eni is the first of its kind in nearly a quarter of a century. This is due to the oil and gas sector suffering from political and security turmoil, leading to foreign companies abandoning Libya.
According to Reuters, the deal, signed during a visit to Tripoli by Italy’s Prime Minister, Giorgia Meloni, aims to increase gas output for the Libyan domestic market, as well as exports.
“This agreement will enable important investments in Libya’s energy sector, contributing to local development and job creation while strengthening Eni’s role as a leading operator in the country,” said Descalzi.
Notably, the Spokesman for the LNA, Major General Ahmed Al-Mismari claimed that “a conspiracy facing the country is being hatched outside of it, due to the greed of international parties seeking to dominate the country’s wealth, under different names such as agreements signed with major countries.”
He warned against “manipulating the country’s social fabric, trying to dismantle the interdependence between the Libyan tribes, and destabilising the country’s stability and security.”