Libya’s National Oil Corporation (NOC) and Italian energy company Eni inked an $8 billion gas production deal on Saturday in order to boost energy supplies to Europe.
The landmark deal was signed during a visit to Tripoli by Italy’s Prime Minister Giorgia Meloni. The project, through the development of two offshore gas fields will increase gas supply for the Libyan domestic market as well as exports.
Output will begin in 2026 and reach a peak of 750 million cubic feet per day, Eni said in a statement.
“This agreement will enable important investments in Libya’s energy sector, contributing to local development and job creation while strengthening Eni’s role as a leading operator in the country,” its chief executive, Claudio Descalzi said.
Meloni was received by Libya’s Prime Minister Abdulhamid al-Dbeibah, head of the internationally recognised Government of National Unity (GNU) in Tripoli for talks that also focused on migration across the Mediterranean.
The NOC chief, Farhat Bengdara, said at a joint news conference with Descalzi, that the gas deal will last for 25 years and called it the most important new investment in Libya’s energy sector for a quarter of a century.