Exploration is to resume next year on three Libyan blocks now operated by BP PLC after a planned farmin by Eni SPA.
The companies and National Oil Corp. signed a letter of intent to work toward Eni’s acquisition by yearend of a 42.5% participating interest in BP’s exploration and production-sharing agreement. The agreement covers a total of 54,000 sq km in two contract areas in the onshore Ghadames basin and an area in the offshore Sirt basin.
BP currently holds 85% in the agreement, which was awarded in 2007. The Libyan Investment Authority holds 15%.
Eni is to become operator. Work under the agreement was suspended in 2014.
