Farhat Ben Qaddara announces $8 billion worth investment with Eni Group to develop natural gas fields in western Libya

oil and gas - November 3, 2022

Tripoli, 2 November 2022 (Lana) The Chairman of the Board of Directors of the National Oil Corporation (NOC) Farhat Ben Qadara announced that an investment agreement will be signed before the end of this year with the Italian oil and gas group Eni worth an estimated $ 8 billion, to develop natural gas fields in western Libya as part of the company's efforts to develop oil fields and produce natural gas.

Speaking on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference 'ADPEC 2022', Ben Qaddara, said the company's plan aims to raise production of crude oil to 2 million barrels per day in a period of 3 to 5 years.

Ben Qaddara also pointed out that there is an agreement between Eni and BP to start drilling operations in the Mediterranean region in a large area and large quantities of gas and said he expected oil revenues for this year to reach between $ 35 to $ 37 billion.


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