General view of the Libyan state National Oil Corporation (NOC) in Tripoli, Libya, July 14, 2022. (REUTERS/Hazem Ahmed)AFPTripoli: Libya's National Oil Corporation said on Wednesday it had reached an $8-billion deal with Italian energy giant ENI to develop offshore hydrocarbon sites. "We have reached a deal with ENI to develop the oil and gas sector, by developing two offshore sites which together will be able to produce 850 million cubic feet of gas" per day, NOC head Farhat Bengdara told Al-Masar, a Libyan news channel. Libya sits atop Africa's biggest oil reserves but has been engulfed by conflict since the 2011 revolt that toppled longtime dictator Moamer Qadhafi. Libya is hoping to boost its oil production to two billion barrels per day (bpd), up from around 1.2 currently.

Source: Libya Today January 25, 2023 22:05 UTC