Libya has ‘‘concluded an agreement with Eni and BP to start drilling and producing gas in the Mediterranean’’, according to the chairman of its National Oil Corporation (NOC), Farhat Bengdara.
Bengdara was speaking to Sky News Arabia during his participation in the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) today.
The gas field from which Eni and BP will start production is similar to the Egyptian Zohr field, but it is larger, he further added.
Bengdara revealed that Libya expects oil revenues of between 35 and 37 billion dollars this year, the highest since 2013.
He said the country’s proven gas reserves exceed 80 trillion cubic feet but that the sector needs new investments of US$ 4 billion annually to maintain the volume of oil production.