National Oil Corporation (NOC) and Eni signed a Letter of Intent (LOI) in London, which will launch the process for Eni to acquire a 42.5% stake in BP’s Exploration and Production Sharing Agreement (EPSA) in Libya, with an aim to boost in-country exploration and development activities and promote Libya’s investment environment.
The LOI also strengthens the parties’ commitment to contribute to social development in the country through the implementation of social impact initiatives, including specific education and technical training programs.
BP holds an 85% working interest of the second party share in each block, with the Libyan Investment Authority holding the remaining 15%. The parties intend to finalize and execute all necessary agreements by current year-end, with the aim of re-starting exploration activities in 2019.
BP’s EPSA will benefit from significant synergies with Eni–NOC existing facilities and Mellitah Oil & Gas Co operational resources – applying Eni’s fast-track delivery model to accelerate production. This will further support NOC to meet its domestic energy supply needs and promote the development of Libyan capability through training and social investment.