Eni revokes force majeure on three exploration assets in Libya
Italy’s Eni on August 3 announced the revocation of force majeure status on exploration areas A and B (onshore), and C (offshore) in Libya. It holds a 42.5% stake in these areas and is the operator, along with BP, which also holds a 42.5% stake, and the Libyan Investment Authority with a 15% stake.
The force majeure status was declared in 2014 due to security concerns in the exploration areas. However, Eni conducted a security risk assessment to evaluate the security conditions in these areas for their exploration programme. The study yielded positive results, leading to the decision to revoke the force majeure status.
With the force majeure revoked, Eni can now resume contract activities in the exploration basins, including areas close to Wafa's gas facilities.
The company has been operating in Libya since 1959 and currently has a large portfolio of assets under exploration, production and development. As of 2022, Eni's share of national gas production in Libya accounted for 80% or approximately 1.6bn ft3/day.
The production operations in Libya are managed through a joint venture company called Mellitah Oil and Gas, in which Eni holds a 50% stake, and the National Oil Corporation (NOC) of Libya holds the other 50%. In 2022, Eni's equity production in Libya reached 165,000 barrels of oil equivalent/day.