Eni lifts force majeure on exploration assets in Libya

Libya

TRIPOLI, August 4, 2023 – Eni has revoked force majeure status on onshore and offshore exploration blocks in Libya after nine years, the Italian energy giant announced on Thursday.

The company, alongside Libya’s National Oil Company, has allowed resumption of activity on onshore exploration areas A and B and offshore exploration area C following a security risk assessment that yielded positive results.

Force majeure was declared on the concessions in 2014.

Eni operates the blocks with a 42.5% stake alongside BP with a 42.5% stake and Libyan Investment Authority with the remaining 15% stake.

The energy giant’s production activities in Libya are carried out through Mellitah Oil and Gas, a 50:50 joint venture between Eni and National Oil Company.

Eni produces around 80% of Libya’s gas output, which averaged 45.3 mcm (1.6 bcf) per day in 2022.

The company has operated in the market since 1959.