Eni increases stakes in Libya

Italian oil company Eni acquired a 42.5% interest in the BP-operated exploration and production sharing agreement (EPSA) in Libya. The EPSA consists of three contract areas, two in the onshore Ghadames basin and one in the offshore Sirt basin, covering a total area of around 54,000 km2. This important agreement unlocks Libyan exploration and creates again an attractive investment environment in the troubled country. The target is resuming exploration activities in 2019.