The Italian company Eni will buy the British BP, half of its 85% stake in an oil and gas license in Libya in order to restart exploration and development activities in 2019, according to an announcement made Monday, October 8 by both groups.
Indeed, a letter of intent was signed in London by the Libyan state oil company, the National Oil Corporation (NOC) and the two companies, paving the way for the finalization of the agreement, the financial terms of which remain unknown. The agreement, according to NOC President Moustafa Sanalla, reflects a renewed confidence in the oil and gas sector of Libya, undermined by violence, and which produces only about 1.25 million barrels of oil. oil per day (bpd), compared with 1.6 million bpd previously.
Holder of the license since 2007 to explore the basins of Ghadames and Sirte covering a total area of about 54,000 km², the British oil company signed, by this agreement, its return to the country where it currently produces no oil or gas.
This is an important step “towards the resumption of the group’s work in Libya,” said managing director Bob Dudley. “We believe that close collaboration with Eni and Libya will allow us to restart exploration in these promising areas,” he added.
For Claudio Descalzi, the boss of the Italian major has been in the country since 1959, this acquisition “will give the opportunity to unlock the potential for exploration in Libya, relaunching the EPSA operations suspended since 2014”.
Note that the contract was also signed by the Libyan Investment Authority (LIA), a Libyan sovereign fund that controls the remaining shares (15%).
