After nine years, Italy’s Eni and NOC, Libya’s state oil company, have revoked force majeure status on three exploration areas, allowing production to start back up.
Eni, as operator of the blocks, will be able to resume the contract activities in exploration basins exploration areas A and B (onshore), and C (offshore), where Eni is the operator with a 42.5% stake, along with BP, 42.5%, and the Libyan Investment Authority with 15%.
Force majeure was originally declared in 2014 due to security concerns but was lifted following the completion of a security risk assessment by Eni, which yielded positive results.
Operating in Libya since 1959, Eni is the country’s leading gas producer and domestic market supplier, with an 80% share of national production. Production activities are operated through the joint venture company Mellitah Oil and Gas BV (Eni 50%, NOC 50%). Equity production was 165,000 boe/d in 2022.
2023-12-01 - Founded in 1973 with a Rockies-focused magazine and a directory, Hart Energy today is the go-to source of internationally recognized print, digital, in-person conference, mapping and databases of market intelligence for U.S. and global energy leaders.