Italian energy major Eni said that, together with its counterpart NOC, it has revoked the force majeure status on three exploration areas in Libya.
The company said that the areas in question are A and B (onshore), and C (offshore), where it is the operator with a 42.5 percent stake, along with BP, which has a 42.5 percent stake, and the Libyan Investment Authority, which has a 15 percent interest.
Force Majeure, declared in 2014, was revoked following the completion of a Security Risk Assessment by Eni. The company said it assessed the security conditions in the areas where the exploration program will be carried out. The study yielded positive results, the company said in its media statement.
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.
Earlier this year, Eni agreed the development of Structures A&E, a strategic project aimed at increasing gas production to supply the Libyan domestic market as well as to ensure export to Europe. The company said at the time that “Structures A&E” is the first major project in the country “since the early 2000”.
It consists of the development of two gas fields, namely Structures “A” and “E”, located in the contractual area D, offshore Libya. The combined gas production from the two structures will start in 2026 and reach a plateau of 750 million of standard gas cubic feet per day, according to Eni.
In June, the company signed a memorandum of understanding with Libya with the aim of studying and identifying opportunities to reduce greenhouse gas emissions and develop sustainable energy in the country.
With an 80 percent share of national production (1.6 Bscf/d in 2022), Eni is the country’s leading gas producer and domestic market supplier, according to its website, which shows that 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 (Eni 50 percent, NOC 50 percent). Equity production was 165,000 barrels of oil equivalent per day in 2022, Eni’s site highlights.
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