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Already one of Africa’s leading oil producers, Libya wants to become a major gas supplier. Libyan oil and gas company NOC has announced that it wants to start exploiting its gas fields in the Mediterranean with Italy’s ENI and England’s BP. Libya claims to have gas fields comparable to, if not better than, those in Egypt.
Libya has huge gas reserves off the coast. According to Farhat Bengdara, boss of the Libyan hydrocarbon company Noc, there will be billions of cubic meters.
A consortium formed by Britain’s BP and Italy’s Eni will begin drilling on the offshore shelf. By the end of this year, Noc hopes to finalize an investment agreement with its partners.
Eni, which has already operated gas fields in the west of the country for 15 years, is ready to invest $8 billion, according to Libya. The Italian company, which has been Libya’s strategic partner since 1959, is now one of the most dynamic companies in the gas sector.
A customer of Russia before the outbreak of war in Ukraine, it is now seeking to diversify its supplies. It has signed agreements with Algeria and Egypt, where it operates the massive Zor offshore gas field, but also with countries such as Angola and Congo. It is also involved in LNG, liquefied gas production in Mozambique.
As for Libya, its oil and gas industry is gradually recovering. That should bring him $35 billion this year, a record since 2013.
►Read More: Signing of energy deal between Libya and Turkey sparks regional protests
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