In Tripoli, Eni and Libyan National Oil Corporation (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 maximizing 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.
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