National Oil Corporation, BP and Eni to resume exploration in Libya
LONDON -- A letter of intent (LOI) was signed in London by National Oil Corporation chairman Eng. Mustafa Sanalla, BP group chief executive Bob Dudley and Eni CEO Claudio Descalzi.
The parties agreed to work towards Eni acquiring a 42.5% interest in the BP-operated exploration and production sharing agreement (EPSA) in Libya. On completion, Eni would also become operator of the EPSA. BP currently holds an 85% working interest in the EPSA, with the Libyan Investment Authority holding the remaining 15%.
Eni have existing exploration and production activities and infrastructure adjacent to onshore areas of the EPSA. Transferring the operatorship to Eni creates the opportunity for the resumption of activity following completion of the transaction and relevant regulatory approvals.
