Tunisia’s Minister of Industry, Energy and Mining, Zakaria Hamad has said the departure of Italian oil company Eni will not affect oil production in the country.

Speaking to local news agency TAP, he said the firm’s exit had no connection to the security situation in the country, and the reasons for Eni exiting are increasing costs of production and the decline in global oil prices.

Local media outlet Attounissia has reported that the decision to sell Eni’s Egyptian assets was made following a study conducted by the oil company.

Responding to MEED, a spokesman for Eni refused to comment on the Attounissia story, saying Eni does not comment on press speculation.

Eni had operated in Tunisia since 1960, when it signed an agreement with the government.

The firm’s activities are focused offshore in the Mediterranean, near the coastal town of Hammamet, as well as onshore in the country’s south.

In 2013, Eni produced an average of 13,000 barrels a day (b/d) from its Tunisian assets.