Global majors, Eni and bp have signed an agreement with the Libyan National Oil Company (NOC) to kickstart a series of natural gas exploration and production campaigns in the Mediterranean.
With the blocks in which the two majors are set to exploit expected to be holding sizeable natural gas reserves – bigger than that of Egypt’s Zohr field – the development is expected to enable Libya to unlock massive revenue from its hydrocarbon industry to fuel economic expansion at a time when the country is eyeing to achieve up to $37 billion in annual revenue from the oil industry in 2022 – the country’s highest since 2013.
