The chairman of Libya’s state-run National Oil Corporation met with major oil companies to discuss plans to expand the country’s declining petroleum production.
Petro Shorouk, the subsidiary of Petrobel, which will be tasked to complete the first stage of development of the Zohr Field by the end of 2017, is near official formation.
Eni’s discovery of the Zohr field on Egypt’s Mediterranean coast has raised foreign companies' interest and attracted potential investments in the deep water areas nearby.
The Cyprus government has approved a two-year extension for the licenses of Italy's ENI and its South Korean partner KOGAS to explore oil and gas reservoirs off the southern coast of the Mediterranean island.
ENI has declared force majeure on loadings from Nigeria's LNG export plant due to sabotage on the Ogoda-Brass transport line, planning to reschedule some shipments.
Angolan state oil company Sonangol signed a commitment with Italian ENI to upgrade current plans for the completion of the Lobito refinery site, delayed over rising costs and financing problems.
The National Iranian Drilling Company (NIDC) announced it had signed a memorandum of understanding (MoU) with the subsidiaries of the Italian Company ENI to launch drilling of 40 wells in the South Azadegan oilfield.
Italy's ENI CEO, Claudio Descalzi said that the $200b cuts in oil investment in 2015 will continue next year, raising concerns that it may create an imbalance between supply and demand.