Eni and NOC are resuming production in three exploration areas after three years, including in an offshore basin. (Source: Shutterstock)
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.
Recommended Reading
OMV Makes Gas Discovery in Norwegian Sea
2024-08-26 - OMV and partners Vår Energi and INPEX Idemitsu discovered gas located around 65 km southwest of the Aasta Hansteen field and 310 km off the Norwegian coast.
Chevron Boosts Oil, NatGas Recovery in Gulf of Mexico
2024-09-03 - Chevron’s Jack/St. Malo and Tahiti facilities have produced 400 MMboe and 500 MMboe, respectively.
Interoil to Boost Production in Ecopetrol Fields
2024-09-03 - Interoil will reopen shut-in wells at three onshore fields, which are under contract by Ecopetrol.
Seadrill to Adopt Oil States’ Offshore MPD Technology
2024-09-17 - As part of their collaboration, Seadrill will be adopting Oil States International’s managed pressure drilling integrated riser joints in its offshore drilling operations.
Permian Resources Closes $820MM Bolt-on of Oxy’s Delaware Assets
2024-09-17 - The Permian Resources acquisition includes about 29,500 net acres, 9,900 net royalty acres and average production of 15,000 boe/d from Occidental Petroleum’s assets in Reeves County, Texas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.