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News // Oil and gas worldwide

Eni agreed to acquire half of BP’s oil & gas license in Libya

09 October 2018 , 18:00Neftegaz.RU433

London, October 9 - Neftegaz.RU. A letter of intent was signed in London by National Oil Corporation chairman Mustafa Sanalla, BP CEO Bob Dudley and Eni CEO Claudio Descalzi. They did not disclose financial terms of the transaction.


Eni agreed to acquire half of BP’s 85% stake in a Libyan oil & gas license, with the aim of resuming exploration next year, giving the Italian company a 42.5% stake and operatorship of the exploration and production sharing agreement in the country.


Eni, the most active of the major energy operators in Libya, already has existing exploration and production activities and infrastructure nearby in the Ghadames basin.


Eni CEO Claudio Descalzi hailed the deal that will help resume EPSA operations 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 optimising the use of existing Libyan infrastructure,» said Descalzi.


NOC chairman Mustafa Sanalla saluted the deal’s «social development guarantee» as a sign of commitment to local communities in the chaos-wracked North African nation. «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,» Sanalla said.


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