The Chairman of the Libyan National Oil Corporation (NOC) Farhat Bengdara has stated that NOC has agreed to allow Italian oil company Eni and United Kingdom’s company British Petroleum (BP) to start drilling and production of natural gas in the Mediterranean.
The Chairman of the Libyan National Oil Corporation (NOC) Farhat Bengdara has stated that NOC has agreed to allow Italian oil company Eni and United Kingdom’s company British Petroleum (BP) to start drilling and production of natural gas in the Mediterranean. The announcement was made during the recently held Abu Dhabi International Petroleum’s Exhibition.
According to reports, Eni has agreed to invest 8 billion dollars to develop the natural gas field in west Libya. The estimated Libyan gas reserves are more than 80 trillion square feet. The chairman said that the expected oil revenues for Libya will be around 35 and 37 billion dollars by the end of this year.
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The country he said required investments of 4 billion dollars annually to maintain the volume of oil production. NOC, he added, is preparing a blueprint to enhance production to 2 million barrels within the next three to five years. The country needs to maintain and modernize the infrastructure of the gas and oil pipelines, tanks, in addition to developing the infrastructure of the fields.
