Libyan company Noc transfers gas fields to Eni
The Italian corporation Eni has signed an agreement with Noc. According to the document, the European operator will develop gas fields located in the coastal areas of Libya. Production will start in 2026, part of the raw materials will be used to cover the needs of the Libyan market, and the rest will be exported to Europe. It should be noted that the deal between Eni and Noc is the first major agreement for the Arab country since 2000. The investment in the project will amount to $8 billion.
Eni is Italy’s largest oil and gas business. The corporation is developing fields in Africa, Kazakhstan, and other countries. In addition, the company has fields in the North Sea, the Caspian Sea, and the Gulf of Mexico. Its main market is Italy and other European countries.
Eni was formed in 1953 by merging several state-owned energy companies – an oil pipeline operator, a producer of raw materials, and others. One year later, a company engaged in the production of industrial equipment joined the structure. Until 1992, Eni was owned by the state, and then it acquired the status of a joint stock company. Between 1995 and 1998, about 70% of the company’s securities were traded on the Italian and New York stock exchanges.Since 2016, the business has been implementing projects in the renewable energy market, which included launching biodiesel production facilities based on palm oil. In 2018, the company included a photovoltaic plant in its structure.
Eni operates in more than 60 countries. The company has more than 3.2 billion barrels of oil reserves and about 509 billion cubic meters of gas.
In addition to its own production, Eni also exports gas and oil from other countries, including Algeria and the Middle East. The company operates a network of gas stations, which has a market share of about 22% in Italy. Eni’s structure also includes oil refineries in Italy and Germany, the energy business Enipower, a gas pipeline, and other assets.
The oil and gas company Noc is owned by the Libyan government after it was nationalized in the country in the 1970s. In 1973, Middle Eastern oil producers refused to export to countries that supported Israel. The crisis began, and as a result, the Libyan government nationalized the assets of British Petroleum. This led to the loss of many importers, who feared dealing with local authorities. However, Noc supplied products to Argentina and France through barter deals. Starting from 2020, the corporation is not subject to OPEC+ oil production commitments.