Italian global oil and gas major Eni has announced the lifting of the force majeure status on three of its exploration assets in Libya.
Eni and its partners – including the National Oil Corporation of Libya, global major bp and the Libyan Investment Authority – can now commence drilling in exploration areas A, B and C.
The milestone follows positive results of a security risk assessment on the three onshore and offshore blocks carried out by Eni to assess security conditions.
Force majeure on the blocks was declared in 2014. Eni owns a 42.5% stake as the operator of the blocks while bp owns a 42.5% share and the Libyan Investment Authority a 15% share.
The development is in line with efforts by both Eni and the Libyan government to maximize the development and exploitation of hydrocarbons resources for energy security and economic growth.
Eni produces 80% of Libya’s oil and gas output with the company’s production capacity ranging at 1.6 billion standard cubic feet per day in 2022.
