Eni Ends Nine-Year Force Majeure on Three Exploration Assets in Libya
Eni and Libya’s state-owned NOC have canceled force majeure on three onshore and offshore blocks almost 10 years later, after they were forced to halt exploration work due to security conditions. Eni has formalized with its partner, the Libyan national oil and gas company NOC, the cancellation of force majeure status in exploration areas A and B (onshore) and C (offshore), where Eni is a 42.5% operator with BP holding also 42.5% of the shares, and the Libyan Investment Authority with 15%, according to a company press release.
The force majeure declared in 2014 was canceled after Eni completed a security risk assessment in the areas where the exploration program would be carried out.
After the force majeure is lifted, Eni, as the block operator, will be able to resume contract activities in exploration basins, some of which are located close to the Wafa gas facilities.
With a share of 80% of national production (1.6 billion cubic feet per day in 2022), Eni is the leading producer and supplier of gas to the Libyan domestic market. The company has been operating in Libya since 1959 and currently has a large portfolio of exploration, production and development assets. Production activities are carried out through the joint venture Mellitah Oil and Gas BV (50% Eni, 50% NOC). Production in 2022 was 165,000 boepd, the company said.
