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Eni Lifts 2014 Exploration Force Majeure

Business



August 3, 2023

Credit: Zerophoto/AdobeStock


Credit: Zerophoto/AdobeStock

Today, Eni formalized with its Libyan counterpart NOC the revocation of force majeure status on exploration areas A and B (onshore), and C (offshore), where Eni is the operator with a 42.5% stake, along with BP, 42.5%, and the Libyan Investment Authority with 15%.

“Force Majeure, declared in 2014, was revoked following the completion by Eni of a Security Risk Assessment to assess the security conditions in the areas where the exploration program will be carried out; this study yielded positive results,” Eni said.

Following the revocation of Force Majeure by the JV, Eni, as operator of the blocks, will be able to resume the contract activities in exploration basins, some of which are located close to Wafa’s gas facilities. 

According to Eni, with an 80% share of national production (1.6 Bscf/d in 2022), Eni is the country’s leading gas producer and domestic market supplier.

The company has been operating in Libya since 1959 and currently has a large portfolio of assets under exploration, production and development. Production activities are operated through the joint venture company Mellitah Oil and Gas BV (Eni 50%, NOC 50%). Equity production was 165,000 barrels of oil equivalent per day in 2022.

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