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FINANCIAL NEWS
Eni’s energy output in Lybia on track to pre-war levels
26 Nov 2011
(MENAFN) Italy’s Eni said it is on track to return energy output to pre-war levels, with current output at 200,000 bpd of oil equivalent, and all its fields resuming operations, Reuters reported.
Eni is the biggest foreign oil producer in Libya, operating there since 1959 Libya, and has oil production contracts there which are in force until 2042 and gas contracts in force until 2047.
Claudio Descalzi, Eni’s head of exploration and production, said that all of Eni’s oil and gas fields in Libya restarted operations suspended earlier this year on the wake of the political unrest.
He added that Eni is targeting pre-war levels of about 280,000 bpd of oil equivalent in Libya by the end of June 2012 and increase output to an average of 300,000 bpd in 2013.
He also said that the company plans to spend USD30-35 billion to double its current output within 10 years by 2021.
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BBK Successfully Closes USD Benchmark Bond Offering at $500 Million, in Collaboration with a Consortium of Regional and International Banks.
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