BP, Eni postpone oil exploration venture in Libya following deteriorating security situation

News In Brief

BP, Eni postpone oil exploration venture in Libya following deteriorating security situation

October 24, 2019 - 15:55
Written by: SafaAlharathy

British Petroleum and Italy's Eni have delayed an oil exploration venture in Libya, scheduled to start 2020 due to the deteriorating security situation, according to The Economist magazine.

The two companies have postponed the project announced in October last year, without announcing the date of resumption, it added.

The project focused on three giant exploration blocks; two in the western Ghadames basin and the third in the Gulf of Sirte. The step was part of the National Oil Cooperation's efforts to bring back international energy companies to Libya after many of them left the country following the 2014 war in Tripoli, according to The Economist.

Two weeks ago, Chairman of the National Oil Cooperation, Mustafa Sanallah, met with directors of Suncor and Equinor in London to discuss similar projects, including activating the partnership agreement for oil exploration, excavation, and production sharing.

Tags: 

News in images :