Saipem has secured a major contract for engineering and commissioning work on a new gas module for Libya’s Bouri field. Awarded by Mellitah Oil & Gas – a consortium comprised of the National Oil Corporation of Libya and Eni – the contract roughly $1 billion contract covers development work at the Bouri Gas Utilisation Project (BGUP). Lying some 75 miles off the Libyan coast Bouri began production in the late 1980s and is the country’s largest producing field. Saipem said its completion would make “an important contribution to reducing CO2 emissions in Libya.”Notably, the transaction also qualifies as a “related party transaction”, given Eni’s joint control of both Saipem and Mellitah Oil & Gas. The award also continues a turnaround for Saipem which revealed pre-tax profits of €118 million for H1 2023.
