ENI Revokes Force Majeure Status on Three Exploration Assets in LibyaItalian explorer ENI says it has formalised with its Libyan counterpart NOC the revocation of force majeure status on exploration areas A and B (onshore), and C (offshore), where the company is the operator with a 42.5% stake, along with BP, 42.5%, and the Libyan Investment Authority with 15%. “Force Majeure, declared in 2014, was revoked following the completion by ENI of a Security Risk Assessment to assess the security conditions in the areas where the exploration programme will be carried out; this study yielded positive results”, ENI says in a release. ENI, as operator of the blocks, will now be able to resume the contract activities in exploration basins, some of which are located close to Wafa’s gas facilities. ENI has operated in Libya for 64 years and currently has a large portfolio of assets under exploration, production and development. Production activities are operated through the joint venture company Mellitah Oil and Gas BV (ENI 50%, NOC 50%).

Source: Libya Today August 03, 2023 14:25 UTC