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Eni says Libya important part of portfolio

Eni remains committed to Libya despite post-war oil production and national security issues.
By Daniel J. Graeber   |   March 25, 2014 at 10:27 AM   |   Comments

March 25 (UPI) -- Italian energy company Eni said maintaining a strong level of hydrocarbon production in Libya was an imperative for the country.

Eni Chief Executive Officer Paolo Scaroni met with Libyan Prime Minister Abdullah al-Thani in Tripoli to discuss the company's operations in the country.

With a legacy extending back to 1959, Eni said it’s the largest international oil company working in Libya and is producing 250,000 barrels of oil equivalent from its assets there.

Eni said in a statement Monday both sides discussed the importance of maintaining the company's current production levels in Europe.

"[It's] of fundamental importance for the country given that at present the company, jointly with National Oil Corp., operates the majority of overall Libyan hydrocarbon production, ensuring the generation of electricity for local use," Eni said.

Libyan oil production has struggled to return to its pre-war level of around 1.6 million barrels per day.

The Organization of Petroleum Exporting Countries said in its monthly market report production declined more than 30 percent to 341,000 barrels per day in February because of disruptions at its El Sharara field.

Martin Bachmann, upstream director at German energy company Wintershall, said earlier this month his company’s return to Libya depends in part on how well authorities can ensure security.

[Eni]
[OPEC]
[Wintershall]

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