Libya signs agreement with European energy company to resume oil exploration

Abstract The Libyan National Oil Company announced on the 8th that it has signed an agreement with two European oil companies to resume oil exploration in Libya. The Libyan National Oil Company issued a statement on the same day saying that the company signed an agreement with Italy's Eni Oil Company and BP, the two...

The Libyan National Oil Company announced on the 8th that it signed an agreement with two European oil companies to resume oil exploration work in Libya.

The Libyan National Oil Company said in a statement on the same day that the company signed an agreement with Italy's Eni Oil Company and BP, which will resume oil exploration and production activities in Libya.

Libyan National Oil Company President Mustafa Sanara said the agreement is a clear signal that the international market is optimistic about the Libyan oil project, which will have a positive impact on Libyan oil production. He believes that the re-engagement of the international energy company in the Libyan oil industry will greatly restore Libyan oil production.

The statement said that the two European companies hope to resume oil exploration activities in Libya in 2019.

In 2014, due to the turmoil in Libya, most foreign oil companies withdrew from Libya and suspended oil exploration and production activities in the country. Due to factors such as war and chaos, Libyan oil production has fallen sharply in recent years, seriously affecting the government's fiscal revenue and domestic people's lives.

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