Eni and NOC sign new petroleum contracts

Source: www.gulfoilandgas.com 6/12/2008, Location: Africa

Eni and NOC signed the six contracts of Exploration and Production Sharing (EPSA IV) that convert the original agreements that ruled oil and gas activity of Eni in the country. Contracts have been renewed for 25 years from January 2008. The new expiry dates set by the agreement are 2042 for production of oil and 2047 for gas.

EPSA contracts establish the terms for the future developments of the cooperation between the two companies on the basis of the strategic agreement signed in October 2007 and encompass initiatives aiming at exploiting the significant oil and gas potential in Libya.

Important initiatives in the gas sector are among the operations established within Eni's plan to expand its activities in the country. These initiatives aim at supplying the local market and strengthening the hub of Mellitah with the upgrading of the gas export capacity.

Furthermore, the parties will focus their efforts on maximising the recovery of their existing oil fields through enhanced programs by applying the most advanced technology for the assisted recovery of hydrocarbons (Co2 injection and water alternate gas). They will also implement a new drilling campaign at nearby fields.

Eni has been present in Libya sine 1959 and is currently the major foreign operator in the Country, with total average daily operated production in excess of 550,000 boepd.

The agreement underscores the strong relationship between Eni and NOC and establishes the foundations for important industrial initiatives which will consolidate Eni's production growth targets in Libya. The agreement will also ensure greater energy security for Italy.


Colombia >>  7/29/2022 - Petrobras confirms the discovery of natural gas accumulation in the Uchuva-1 exploratory well, drilled in deep waters of Colombia, 32 kilometers off t...
Ireland >>  7/29/2022 - Europa Oil & Gas, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, has announced that the ...

United Arab Emirates >>  7/29/2022 - Abu Dhabi National Oil Company (ADNOC) announced today a second discovery of natural gas resources in the first exploration well in Abu Dhabi’s Offsho...
Gambia >>  7/28/2022 - FAR Limited an independent, Africa focused, oil & gas exploration company, provides its quarterly activities report for the quarter ended 30 June 2022...

Norway >>  7/27/2022 - Neptune Energy today announced drilling has commenced on the Ofelia exploration well in the Norwegian sector of the North Sea.

The well,...

Australia >>  7/26/2022 - Registration is now open to attend the webinar that will launch the 2022 Offshore Petroleum Acreage Release.

The Australian Government rel...


Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.