Eni, BP reach agreement with Libya to develop gas fields

Libya has agreed with Eni and BP to begin extracting natural gas from a Mediterranean gas field believed to be bigger than Egypt’s huge Zohr field, the head of the National Oil Company (NOC) told Skynews Arabia on October 31, Report informs referring to Reuters.

Eni will also invest $8 billion to develop natural gas fields in western Libya, NOC’s Farhat Bengdara added.

Speaking on the sidelines of an industry conference in Abu Dhabi, Bengdara told Skynews Arabia that Libya expects between $35 billion and $37 billion in oil revenue this year and that it has proven natural gas reserves that exceed 80 trillion cubic feet.