Italy and Libya sign unprecedented agreement for oil and gas extraction off Tripoli

Archivo – La primera ministra de Italia, Giorgia Meloni – -/Italian Government/dpa

Italy’s Prime Minister, Giorgia Meloni, is in Tripoli, Libya, on Saturday, where the signing between the Italian oil company ENI and Libya’s national hydrocarbons company (NOC) will take place to ensure the supply of gas and oil from the African country to Italy.

According to the newspaper ‘La Repubblica’, the details have been finalized to close one of the largest investments made in Libya since the last 25 years, since, according to the negotiations, the Italian ENI will invest up to 8 billion dollars (7,358 million euros) to start up two gas fields off the coast of Tripoli.

This will revive Libya’s hydrocarbon energy sector — which is its main source of income — as well as providing Italy with at least an additional 1.1 billion cubic meters of gas from 2026, thus taking a further step in its desires to replace Russian gas.

Thus, the signing is scheduled for this Saturday, January 28, in Tripoli between ENI’s CEO, Claudio Descalzi, and the President of the Libyan National Oil Corporation (NOC), Farhat Bengdara.

As reported by the Italian news agency Nova, Meloni will visit Libya this Saturday accompanied by the Italian Foreign Minister, Antonio Tajani, and the head of the Interior Ministry, Matteo Piantedosi.

The Italian delegation will meet in the Libyan capital with representatives of the Libyan government headed by Prime Minister Abdulhamid Dbeibé and will witness the signing between the two companies.

In addition to support for the Libyan energy sector, the two parties are expected to initiate talks to join forces for the recovery of Libya’s political stability and to cooperate jointly on illegal immigration.