Libya's stepping stone to normality
Eni leads a return to oil exploration in Libya for the first time since the 2011 Arab Spring revolution
Eni's deal was as eye-catching as it was surprising. On 8 October, the Italian major and BP announced exploration would begin next year on huge and potentially mouth-watering blocks of Libyan real estate. Eni has taken half of BP's 85pc stake in three exploration zones. Two of the zones—in which 15pc stakes are held by the Libyan Investment Authority, the country's sovereign wealth fund—are onshore, totalling 54,000 sq km in the south-western Ghadames Basin; the third consists of four offshore blocks stretching across the Gulf of Sirte. BP has already completed 3D seismic surveys there, reportedly indicating big oil and gas reserves. Over the past two years, in the teeth of civil war and an
Also in this section
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing
26 April 2024
Slowing demand growth and capacity expansions will squeeze refiners in coming years
25 April 2024
Some companies with assets in Israel have turned towards Egypt as tensions escalate, but others are holding firm despite rising tensions
24 April 2024
But even planned exploration activity is unlikely to reverse declining output from mature fields