ENI Announces Discovery in Libya, EU Discusses Crisis in North African Country

Milan-headquartered ENI announced a discovery of gas and condensates offshore Libya in the Bahr Essalam South exploration prospect in Area D, adding that the proximity to existing infrastructures will accelerate developments despite the current geopolitical complexities. 

‘This exploration success further confirms the enormous potential of Libyan gas resources. The future development of Libyan resources will allow supporting the growth of the domestic consumption and industry, while maintaining Libya’s position as a strategic supplier for Italy and Europe’ reads the note released on Monday. 

The company, which holds 100% working interest in the exploration phase of Contract Area D, explained that the discovery is 82 kilometres from the coast.

Over the last hours, the European Union increased its focus on the crisis in Libya, with European Commission Vice-President Federica Mogherini speaking about it with the Secretary-General of the United Nations Bank Ki-moon. On Monday, the Foreign Affairs Council also discussed the topic. 

‘As you know, it is a crisis that affects very much the region, but also directly the European Union, all of the European Union’ Mogherini commented. 

After announcing plans in Egypt over the weekend, the six-legged dog also upgraded estimates for Merakes-1 gas finding in Indonesia from 1.3 Tcf to 2 Tcf of gas in place, trying to react to the share price plunge registered on the Milan Exchange on Friday.