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Libya’s National Oil Corporation had reached a US $8-billion deal with Italian energy giant ENI to develop offshore hydrocarbon sites. The agreement says that ENI will develop two offshore sites which together will be able to produce 850 million cubic feet of gas per day. The deal, it is reported, would be signed today (Saturday), although there is no official confirmation about the deal by either party
Libya’s National Oil Corporation had reached a US $8-billion deal with Italian energy giant ENI to develop offshore hydrocarbon sites. The agreement says that ENI will develop two offshore sites which together will be able to produce 850 million cubic feet of gas per day. The deal, it is reported, would be signed today (Saturday), although there is no official confirmation about the deal by either party.
Libya’s National Oil Corporation had reached a US $8-billion deal with Italian energy giant ENI to develop offshore hydrocarbon sites. The agreement says that ENI will develop two offshore sites which together will be able to produce 850 million cubic feet of gas per day. The deal, it is reported, would be signed today (Saturday), although there is no official confirmation about the deal by either party.
Italy has been scrambling to find alternatives to Russian energy since Moscow’s invasion of Ukraine. According to some media reports, Italian Prime Minister Giorgia Meloni is set to visit Tripoli in the coming days. Libya has the largest reserves of oil in Africa. But the boiling political situation has caused uncertainty about tapping such resources. But vast resources of oil have brought multiple foreign sources into the soil of Libya fighting to establish their influence in the country.
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Presently, there are two governments in the country, which are vying for power. One is in the western capital Tripoli and the other in the country’s east, backed by military strongman Khalifa Haftar. Libya is looking at boosting its oil production to two billion barrels per day (bpd), up from around 1.2 currently. The deal with ENI is a part of that strategy to develop the hydrocarbon sector.
