Eni discusses future oil exploration in Libya

31 July 2018
Meeting with Government of National Accord comes after start-up of the Bahr Essalam Phase 2 project

The CEO of the Italian energy company Eni, Claudio Descalzi, has discussed future oil exploration in Libya with the head of the Presidential Council of the Government of National Accord.

Descalzi met with Fayez al-Sarraj on 30 July in Tripoli, according to a statement released by the company. 

The meeting took place after the recent start-up of the Bahr Essalam Phase 2 project.

Earlier this month Eni announced that phase two of Libya’s offshore Bahr Essalam project has started production. The development came three years after the final investment decision and should prolong the life of Libya’s largest producing offshore gas field. The project is operated by Mellitah Oil & Gas, which is a joint venture of Eni and Libya’s NOC. 

Phase two of the project will potentially increase production from the field by 400 million cubic feet a day (cf/d). 

Eni is the main supplier of gas to Libya’s domestic market.

Domestic gas consumption in Libya has doubled in the last four years, with an average of 20 million cubic meters a day being consumed by the country’s power plants. 

The domestic gas power plants have an electricity generation capacity of over 3 GW. 

Eni had a 66 per cent rise in second quarter profit amid higher oil prices and increased production from sites in Libya and Egypt.

Adjusted net profit rose to €767m ($893.3 million), but fell short of an analyst consensus forecast of €1bn.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.