Exploration & Production

Eni buys into BP’s Libyan blocks

Italy’s Eni has announced it will buy into half of BP’s 85% share in a Libyan exploration and production-sharing agreement.
By Staff reporter 9 October 2018 0 32840

Italy’s Eni has announced it will buy into half of BP’s 85% share in a Libyan exploration and production-sharing agreement.

Once validated by Libya’s National Oil Corp., the contract will see the Italian company take over as operator in two areas in the western Ghadames Basin and one concession in the offshore Sirt Basin, with the combined acreage amounting to 540,000 hectares.

Libya has abundant petroleum reserves but has seen limited exploration and production activity since 2014, mainly as a result of security concerns....