Eni makes strategic gamble with Libya gas project

Despite previous security concerns, Eni enters JV with Libya's NOC for major hydrocarbons development

Italian energy giant Eni has put aside security concerns about operating in Libya to agree to a new $8bn gas project, the country’s first major hydrocarbons development in 23 years. The project, named Structures A&E, is a joint venture (JV) with Libya’s National Oil Corporation (NOC) at the Bahr Essalam offshore field, holding an estimated 6tn ft3 of gas. Eni first began exploring the site, 75km off the coast, in 2008, but chaos and civil war have seen perpetual delays. Analysts say the decision to finally ink the project is down to the “Russia Effect”, Europe’s thirst for gas after imposing sanctions on Moscow.  “Italy needs the gas, they have got a market,” said John Hamilton, director