The Address | Benghazi – Libya
LONDON – Chairman of the Tripoli-based National Oil Corporation (NOC), Mustafa Sanalla, the managing director of British Petroleum (BP), Bob Dudley, and the managing director of Eni, Claudio Descalzi, have signed in London a letter of intent (LOI) upon which Eni will acquire 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%.
As part of the LOI, the signatories also reconfirmed their commitment to promote technical training and other social initiatives in Libya. Dudley and Descalzi have both hailed the agreement as an important step towards resuming their work.