The project aims to develop 2.7 trillion cubic feet of gas reserves in the NC-7 block of the Ghadames basin. Development of the field was included in the 2024 annual budget of LD90bn ($18.5bn), excluding an item for development projects, which the Benghazi-based government of Osama Hamad unanimously approved. On 15 December 2023, the Tripoli-based Ministry of Oil & Gas issued a statement condemning the terms of the planned gas development contract between Libya’s state-owned National Oil Corporation (NOC) and the consortium led by Eni. In the statement, the Ministry of Oil & Gas described the deal as a “violation of Libyan legislation on oil contracts”. Bengdara also confirmed plans to launch an oil and gas licensing round at the end of 2024 or early 2025.

Source: Libya Today May 03, 2024 13:36 UTC