Libya is planning to push a key offshore oil and gas project led by Italian Eni and Libya’s National Oil Company (NOC) in a move that could shift some oil capabilities away from the onshore arena, where political battles for control have led to on-and-off blockages that keep hundreds of thousands of barrels of Libyan oil from the markets. On Wednesday, Middle East Business Intelligence (MEED), reported that as soon as the NOC’s next monthly budget is solidified, the country will prioritize a $3-billion offshore expansion project as part of Libya’s goal of reaching oil production of around 1.4 million bpd for this year. In a tweet late on Tuesday, Libyan prime minister-designate Fathi Bashagha said that militias had agreed to lift the blockade of key oil facilities. Offshore expansions would help both to increase Libyan oil reserves and to insulate some oil resources from faction-backing militias with the power to start and stop production. The $3-billion offshore project belongs to Mellitah Oil & Gas Company–a joint venture between Eni and the NOC.

Source: Libya Today May 11, 2022 19:36 UTC