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Eni and BP to kickstart oil operations in Libya

Italian oil company Eni is buying half of BP's oil and gas operations in Libya in an effort to reestablish exploration of extraction from the oil-abundant country.

Photo: Wintershall

Italian oil company Eni is acquiring half of BP's oil and gas licenses in Libya and plans to reestablish exploration activities in the country as of next year. Eni is buying 42.5 percent of BP's 85 percent operator stake in two onshore and one offshore sites in Libya.

Eni, according to Financial Times the most active international oil player in the country, and BP signed an agreement Monday with Libya's National Oil Corporation about restarting domestic exploration.

"This is an important milestone that will help to unlock Libyan exploration potential by resuming EPSA operations that have remained suspended since 2014. It contributes towards creating an attractive investment environment in the country, aimed at restoring Libya’s production levels and reserve base by optimizing the use of existing Libyan infrastructure," says Eni CEO Claudio Descalzi in a statement.

English Edit: Daniel Frank Christensen

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