Eni to Invest $8B in Next Decade to Develop Libya Operations

MILAN - Italian energy company Eni SpA Sunday said it planned to invest $8 billion in Libya over the next 10 years to develop its production activities as well as conduct more exploration in the north African country.

Eni made the announcement after its chief executive, Paolo Scaroni, presented the plan to Libyan Prime Minister Ali Zeidan and Petroleum Minister Abdelbari al-Arusi at a meeting in the capital, Tripoli.

Eni is the largest foreign energy group in the country. Prior to the war that ousted former leader Moammar Gadhafi, it was responsible for about a third of the country's total oil production.

Eni also said they discussed a memorandum of understanding for social sustainability worth about $400 million, to be finalized in late January when Mr. Zeidan is to visit Rome. Eni didn't elaborate.

Copyright (c) 2012 Dow Jones & Company, Inc.


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A. Azedani | Dec. 17, 2012
I think this is good news for Libya to obtain further foreign investment to boost its oil production needed for the cost of the rebuild of Libya, though many people not in favour for going over 2 millions bbl/day as per the expected need of revenue for the country and to manage the natural resources properly. However, if significant portion of the energy investment is to be allocated to the downstream industries, i.e. refining, petrochemical and chemical industries. That would have more positive impact on job creation and self-sufficiency of many petroleum products that Libya needs.

Anthony A. Mifsud | Dec. 17, 2012
Hope that these proceeds will go in western desert projects As the med is well developed ( Bouri field ) Return to land exploration Tony


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