The Ministry of Oil and Gas of the Government of National Unity (GNU) said on Sunday that the agreement signed by Libya and the Italian company Eni in 2008 contained multiple projects with a value exceeding what was announced by the National Oil Corporation (NOC) last week.
The Oil and Gas Ministry indicated in a statement that the value of what was agreed upon with Eni in 2008 exceeded $27 billion, while what was announced by the NOC was $8 billion and the NOC said this sum of money hadn’t been achieved in 25 years, noting that the amount of $8 billion will be divided equally between the NOC and Eni.
Earlier, the Ministry of Oil and Gas criticized the NOC’s agreement with Eni, saying it served the Italian side more than the Libyan one and that it increased the share of the Italian partner more than what was agreed on in the original agreement in 2008.
The Ministry reiterated that what was agreed upon with the Italian company Eni in 2008 included development projects for the contract area [M41] and some other blocks, the development of all nine undeveloped gas discoveries, a study of the establishment of a gas liquefaction plant in Mellitah and the development of a number of oil discoveries in the south and east of Libya, in addition to exploration and drilling programs.
