Libya agrees with Italy’s Eni, Britain’s BP, to pump gas in the Mediterranean

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Libya’s National Oil Corporation (NOC) chairman Farhat Bengdara said he has reached an agreement with Italian oil company Eni and British company British Petroleum (BP) to drill and produce natural gas in the Mediterranean Sea, a field that supplies Dahr resembles field in Egypt but with larger reserves.

Bengdara told Sky News Arabia on the sidelines of the Abu Dhabi International Petroleum’s Exhibition that Eni will invest $8 billion to develop the natural gas field in western Libya, and said the field reserves will be announced after production operations begin, which have a set date soon becomes . He reiterated that Libya’s confirmed gas reserves are more than 80 trillion square feet.

Bengdara expected Libya to post oil revenues of between $35 billion and $37 billion by the end of this year, the highest since 2013, stressing that the country needs investments of $4 billion annually to sustain oil production levels.

He reiterated that the NOC was working on a plan to increase production to 2 million barrels over a period of three to five years, adding that this was an opportunity to improve infrastructure, be it the gas or oil pipelines or the Tanks to maintain and modernize in addition to expanding the infrastructure of the fields.

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