Italian oil and gas company Eni has signed an agreement with NOC to improve oil and gas production in Libya. The agreement calls for a 10-year investment of U.S. $28 billion.
The 25-year renewable agreement converts the existing petroleum contracts to the most recent contractual model. Eni and NOC plan to maximize the recovery of their existing wells, namely El Feel and Western Libya Gas Project, by applying the most up-to-date technologies possible. Additionally, they will start a new drilling campaign in nearby fields.
Noc and Eni plan to continue exploration of the NC41 offshore area, as well as bump up the export capacity of the Mellitah hub from 8 to 16 bcm/y.
Eni has held a presence in Libya for nearly half a century, and this agreement further solidifies the company as the biggest foreign operator in the country.