Eni and BP to restart exploration in Libya
7 August 2023
Italian oil and gas company Eni and London-based BP have revoked force majeure status on three blocks in Libya, according to a statement published by Libya’s state-owned National Oil Corporation (NOC).
The blocks known as A and B are located onshore in the Ghadames Basin, while the block known as C is located offshore.
Eni is the operator and has a 42.5 per cent stake in the three blocks. BP has a 42.5 per cent stake in the blocks and the Libyan Investment Authority (LIA) holds a 15 per cent stake.
Force majeure was declared at the blocks in 2014 and was revoked after the completion of a security risk assessment, according to a separate statement from Eni.
Eni will now be able to resume contract activities in exploration basins, some of which are located close to the Wafa field’s gas facilities.
Eni is Libya’s leading gas producer and domestic market supplier, with an 80 per cent share of national production.
The company has operated in Libya since 1959 and has a large portfolio of assets under exploration, production and development.
Production activities are operated through the joint-venture company Mellitah Oil & Gas (MOG).
Eni holds a 50 per cent stake in MOG and Libya’s state-owned NOC holds the other 50 per cent.
In NOC’s statement, it also said that the state-owned Algerian oil and gas company Sonatrach had also lifted force majeure and would resume “exploration and fulfilment of contractual obligations in blocks 065 and 96/95 in the Ghadames Basin”.
NOC said the latest notifications from foreign oil companies came after an NOC invitation to global oil and gas companies that have signed exploration, sharing and production agreements in Libya to lift their declared force majeure.
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The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
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DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
Bids due on 23 February.
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Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
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The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
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The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
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Chinese firm wins Ceer automotive supplier park deal
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