The Libyan National Petroleum Corporation has concluded an agreement with the Italian company Eni, investing $8 billion to develop two offshore gas fields, with the aim of raising production in the gas fields to 750 million cubic feet per day, beginning in 2026, and allocating one third of production for export to Italy.
Investments in the maritime fields are estimated to be between $7 billion and $9 billion, and could generate net revenue to the state of up to $13 billion, according to the president of the National Oil Corporation, Ben Kedarah.
The fields were discovered decades ago and agreed to develop in 2008, and the agreement occurred by increasing Eni’s share from 30% to 37%.
This agreement has been remarkable by the Government of National Unity’s success in attracting substantial investment for global energy companies, which has been incapable of previous Governments since the fall of the Jamahiriya regime in Libya.