Eni (NYSE:E) will sign a production agreement with Libya's National Oil Corp. to spend $8B to produce ~850M cf/day from two offshore gas fields in the Mediterranean Sea, the chairman of the Libyan state-owned company said, S&P Global Platts reported Tuesday. Eni (E) already produces gas in Libya from its Wafa and Bahr Essalam fields operated by a joint venture between the Italian company and NOC. Separately, Eni (E) CEO Claudio Descalzi said Italy can significantly boost its gas imports from Africa and transfer some of the supply to northern Europe if it improves its infrastructure in the next few years. "Our goal is to have an oversupply of gas in order to be able to bring energy to Northern Europe," the CEO said. Recent reports say Descalzi is on course to secure Italian Prime Minister Meloni's support for an unprecedented fourth term leading the company.

Source: Libya Today January 24, 2023 23:01 UTC