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  • Eni, BP and NOC sign deal to resume Libyan exploration
    édité le 11/10/2018 - Plus de news de "ENI" - Voir la fiche entreprise de "ENI"


Eni, BP and NOC sign deal to resume Libyan exploration
National Oil Corporation (NOC) Chairman, Mustafa Sanalla, BP Group Chief Executive, Bob Dudley, and Eni CEO, Claudio Descalzi, signed a Letter of Intent (LOI) in London today which will launch the process for Eni to acquire a 42.5% stake in BP’s Exploration and Production Sharing Agreement (EPSA) in Libya, with an aim to boost in-country exploration and development activities and promote Libya’s investment environment.

The LOI also strengthens the parties’ commitment to contribute to social development in the country through the implementation of social impact initiatives, including specific education and technical training programs.

The agreement aims to launch the acquisition process for Eni to obtain a 42.5% participating interest and the assignment of the operatorship, currently held by BP, in the contractual areas A and B (onshore) and C (offshore) in Libya. BP holds an 85% working interest of the second party share in each block, with the Libyan Investment Authority holding the remaining 15%. The parties intend to finalize and execute all necessary agreements by current year-end, with the aim of re-starting exploration activities in 2019.

“This is an important milestone that will help to unlock Libyan exploration potential by resuming EPSA operations that have remained suspended since 2014. It contributes towards creating an attractive investment environment in the country, aimed at restoring Libya’s production levels and reserve base by optimizing the use of existing Libyan infrastructure”, stated Eni CEO Claudio Descalzi.

“This agreement is a clear signal and recognition by the market of the opportunities Libya has to offer and will only serve to strengthen our production outlook. The agreement’s social development guarantee is an important sign of our joint commitment to our staff and the communities in which we work. This initiative will hopefully drive further inward investment and facilitate higher production levels,” commented NOC Chairman Mustafa Sanalla.

BP Group Chief Executive Bob Dudley said: “This is an important step towards returning to our work in Libya. We believe that working closely together with Eni and with Libya will allow us to bring forward restarting exploration in these promising areas.”

BP’s EPSA will benefit from significant synergies with Eni–NOC existing facilities and Mellitah Oil & Gas Co operational resources - applying Eni’s fast-track delivery model to accelerate production. This will further support NOC to meet its domestic energy supply needs and promote the development of Libyan capability through training and social investment.

This transaction will reinforce and strengthen the existing strategic and privileged partnership between parties over the longer-term.

About ENI

Eni is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About the National Oil Corporation

The National Oil Corporation (NOC) is the national oil company of Libya.


Origine : Communiqué ENI

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