- Italian energy company Eni and Libya’s National Oil Corporation (NOC) signed an $8 billion gas production deal on Saturday to boost energy supplies to Europe.
- According to statements by Eni, the output is expected to begin in 2026 and reach a plateau of 750 million cubic feet per day.
Italian energy company Eni and Libya’s National Oil Corporation (NOC) signed an $8 billion gas production deal on Saturday to boost energy supplies to Europe despite the insecurity and political chaos in the North African country. The deal, signed during a visit to Tripoli by Italy’s Prime Minister Giorgia Meloni, aims to increase gas output for the Libyan domestic market and exports by developing two offshore gas fields.
According to statements by Eni, the output is expected to begin in 2026 and reach a plateau of 750 million cubic feet per day. Chief Executive Claudio Descalzi said, “This agreement will enable important investments in Libya’s energy sector, contributing to local development and job creation while strengthening Eni’s role as a leading operator in the country.”
At a joint news conference with Descalzi, the NOC chief, Farhat Bengdara, said the gas deal lasted 25 years and called it the most important new investment in Libya’s energy sector for a quarter of a century. European countries have increasingly sought to replace Russian gas with energy supplies from North Africa and elsewhere over the past year because of the war in Ukraine.