Italy’s ENI and Libya’s National Oil Corporation (NOC) entered into six agreements that convert ENI’s original agreements with NOC into EPSA IVs. Under the new contracts ENI has rights to oil production until 2042 and gas production until 2047. Eni says the new agreements strengthen its relationship with NOC and establishes the foundation for important industrial initiatives which will consolidate ENI’s production growth targets in Libya. The agreement will also ensure greater energy security for Italy. It was also reported that a deal between Eni and Russia’s Gazprom for an asset swap was in the works and near finalization. The news was not announced by ENI but by Gazprom’s deputy chairman Alexander Medvedev while speaking to journalists. “ the asset swap with ENI will be finalized regarding the Libyan assets, in the first place. This work is in its final stage and will end by august, before the period of leaves begins. The deal has to do primarily with Libya’s elephant oil field” Medvedev said.
About Libya
