ENI and Libya NOC's joint venture is losing $9.4mn per day

ENI and Libya NOC's joint venture is losing $9.4mn per day
Published: 2 February 2020 - 5:15 a.m.
By: Carla Sertin

Libya National Oil Corporation (NOC) and ENI, which operate Mellitah Oil & Gas in the country, have seen a loss of production of 155,000 barrels of oil per day and 145mn standard cubic feet of associated gas per day due to the blockade which has shuttered the nation's production. According to a statement by NOC, Mellitah Oil & Gas is losing revenue of approximately $9.4mn per day.

Representatives from both companies met in Libya to discuss the situation, and agreed that the fields should be quickly reopened to guarantee the integrity of the fields, specifically as the stoppage can lead to corrosion and damage to equipment.

As for future projects, following the completion of Bahr Essalam Phase 2 Project, NOC and ENI are now cooperating on FEED activity for Structure A&E gas fields at nearby Bar El Salam field. Further development opportunities have been studied in the Bouri offshore field with the aim of improving hydrocarbon recovery. Potential undeveloped oil and gas discoveries in the onshore Ghadames Basin are also being assessed.

NOC and ENI will also study the feasibility of solar plants and wind farms.

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