No Result
View All Result
Monday, October 6, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

NOC, BP and Eni agree to work to resume exploration in Libya

bySami Zaptia
October 9, 2018
Reading Time: 2 mins read
A A
NOC, BP and Eni agree to work to resume exploration in Libya

Italian energy company Eni will takover BP's Libya oil exploration and production concessions and may resume work there next year (Photo: BP).

By Sami Zaptia.

Italian energy company Eni will takover BP's Libya oil exploration and production concessions and may resume work there next year (Photo: BP).
Italian energy company Eni will takover BP’s Libya oil exploration and production concessions and may resume work there next year (Photo: BP).

London, 9 October 2018:

Libya’s National Oil Corporation (NOC), BP and Eni yesterday signed an agreement expected to lead to Eni and BP working together to resume exploration activities on a major exploration and production contract in Libya.

A letter of intent (LOI) was signed in London by NOC chairman Mustafa Sanalla, BP group chief executive Bob Dudley and Eni chief executive officer Claudio Descalzi.

The parties agreed to work towards Eni acquiring a 42.5% interest in the BP-operated exploration and production sharing agreement (EPSA) in Libya. On completion, Eni would also become operator of the EPSA.

RELATED POSTS

Eni North Africa resumes exploratory drilling in offshore area D (mn41) northwest of Libya – after 5-year hiatus

NOC resumes training cooperation with French training institute (IFP)

BP currently holds an 85% working interest in the EPSA, with the Libyan Investment Authority holding the remaining 15%.

One of the rationales for this agreement is the fact that Italian energy giant Eni have existing exploration and production activities and infrastructure adjacent to the onshore areas of the BP EPSA.

Transferring the operatorship to Eni creates the opportunity for the resumption of activity following completion of the transaction and relevant regulatory approvals, the joint statement said.

The NOC chairman Mustafa Sanalla commented: “This agreement is a clear signal and recognition by the market of the opportunities Libya has to offer and will only serve to strengthen our production outlook. The agreement’s social development guarantee is an important sign of our joint commitment to our staff and the communities in which we work. This initiative will hopefully drive further inward investment and facilitate higher production levels.”

BP’s chief executive Bob Dudley said: “This is an important step towards returning to our work in Libya. We believe that working closely together with Eni and with Libya will allow us to bring forward restarting exploration in these promising areas.”

Eni’s chief executive Claudio Descalzi said: “This is an important milestone that will help to unlock Libyan exploration potential by resuming EPSA operations that have remained suspended since 2014. It contributes towards creating an attractive investment environment in the country, aimed at restoring Libya’s production levels and reserve base by optimizing the use of existing Libyan infrastructure

The EPSA includes three contract areas, two in the onshore Ghadames basin and one in the offshore Sirt basin, covering a total area of around 54,000 km2. Originally awarded in 2007, work on the EPSA has been suspended since 2014 when most foreigb oil companies fled Libya due to militia fighting.

As part of the LOI, the signatories also reconfirmed their commitment to promote technical training and other social initiatives in Libya.

As set out in the LOI, the companies intend to finalise and complete all agreements by the end of this year, with a target of resuming exploration activities in 2019.

If the deal goes through and work does indeed resume next year, it will strengthen Eni’s position in Libya and shows the importance it holds to its activities in Libya.

It also shows that Eni feels it can mitigate security risks in Libya better than any other foreign oil company operating in Libya.

Tags: BPEniEPSA exploration production sharing agreementfeaturedGhadames BasinNOC National Oil Corporationoffshoreonshore

Related Posts

Air traffic increasing over Kufra Airport airspace – up to 100 international airliners per day
Business

Air traffic increasing over Kufra Airport airspace – up to 100 international airliners per day

October 5, 2025
NOC announces force majeure at Zawia port
Business

Eni North Africa resumes exploratory drilling in offshore area D (mn41) northwest of Libya – after 5-year hiatus

October 5, 2025
Bilateral Chamber to hold high-level U.S.-Libya Ministerial Roundtable in Houston on 13 October
Business

Bilateral Chamber to hold high-level U.S.-Libya Ministerial Roundtable in Houston on 13 October

October 5, 2025
Jumhouria bank main sponsor of Bahrain’s AAOIFI Annual Conference
Business

Jumhouria Bank to open 6-ATM state-of-the-art cash withdrawal facility in the southern region

October 4, 2025
Benghazi Chamber participates in workshop on the blue economy
Business

Benghazi Chamber holds meeting with Cagliari-Oristano Chamber of Commerce

October 4, 2025
CBL reduces annual hard currency transfer limit for individuals
Business

Dollar exchange rate falls to Libyan Dinar in black-market four days after end of deadline for withdrawal of old LD 5 and LD 20 notes

October 4, 2025
Next Post

HoR denounces Serraj appointment of Issawi as Economy Minister

Serraj Ministry of Interior says militias ready to handover security of state institutions

ADVERTISEMENT

Top Stories

  • NOC Chairman Bengdara resigns for health reasons – Masoud Sulieman Mousa appointed as temporary Acting Chairman

    Leaked decision: Aldabaiba appoints Masoud Suleiman Musa as fulltime Chairman of the National Oil Corporation

    0 shares
    Share 0 Tweet 0
  • Eni North Africa resumes exploratory drilling in offshore area D (mn41) northwest of Libya – after 5-year hiatus

    0 shares
    Share 0 Tweet 0
  • Libya needs transparent reforms – Deposit Certificates & dollar auctions to restore fairness, stability, and confidence in Dinar: H Bey

    0 shares
    Share 0 Tweet 0
  • Dollar exchange rate falls to Libyan Dinar in black-market four days after end of deadline for withdrawal of old LD 5 and LD 20 notes

    0 shares
    Share 0 Tweet 0
  • Bilateral Chamber to hold high-level U.S.-Libya Ministerial Roundtable in Houston on 13 October

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Acting Director of Benghazi’s Hawari General Hospital in 2018-19 detained for LD 1.48 million medicines and supply corruption

Aldabaiba receives Indonesia’s Deputy Foreign Minister – strengthening cooperation discussed

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.