Libya's National Oil Corp. (NOC) will sign offshore gas E&P deals with Italy's Eni on Jan. 28, NOC head Farhat Bengdara told a television channel.
The deal would require $8 billion to produce up to 850 MMcf/d of gas from the Mediterranean, Bengdara said, amid efforts by Libya to take advantage of demand for North African gas in Europe because of the war in Ukraine.
Bengdara was speaking to local al-Masar television in an interview broadcast late on Jan. 24 and said the deal involved the renewal of an existing agreement originally struck in 2008.
Eni CEO Claudio Descalzi could travel to Libya to sign the agreement, an Italian source said.
However, the legality of any deals signed by Bengdara or the Government of National Unity in Tripoli that appointed him could be challenged by the country's eastern-based parliament.
The parliament said last year that the Tripoli government's mandate had expired and it no longer recognizes any of its actions - including the appointment of Bengdara - as legitimate.
The standoff between factions aligned with the government and those aligned with the parliament has thwarted efforts to move towards a new general election and threatened to spark a new bout of warfare.
Meanwhile, the government's own efforts to strike a bilateral energy deal with Turkey have also been suspended by the country's appeals court, raising further questions over the exploitation of Libyan energy.
Energy Transition in Motion (Week of March 24, 2023): Advancing Projects, Investment
2023-03-24 - Here’s a look at some of this week’s renewable energy news, including a $2.6 billion wind farm final investment decision.
BP Goes on Offshore Wind Power Global Hiring Spree
2023-02-16 - BP has accelerated its expansion in offshore wind, forming joint ventures in Britain, Germany, Japan and the United States to develop large projects in recent months.
CEO: Enbridge Building North American ‘Super System’ Through Investment, M&A
2023-03-15 - Calgary-based midstream giant Enbridge is investing billions to grow its oil and gas pipeline network and storage capacity, President and CEO Greg Ebel told Hart Energy.
TC Energy Reports Strong Growth, Despite Q4 Charges
2023-02-15 - Comparable income beat analyst estimates, but TC Energy took a Q4 loss due to charges with the Keystone pipeline spill and Coastal GasLink costs.
Equinor, EnBW Eye Joint Wind Developments Offshore Germany
2023-02-17 - Equinor and EnBW hope to add to their energy transition portfolios with joint development offshore wind projects in Germany, advancing the individual companies’ energy transition goals.