Eni Launches $8 Billion Gas Project in Libya

By Adria Calatayud

Eni SpA has launched a new natural-gas project in Libya to supply the domestic market and ensure exports to Europe, with an overall estimated investment of $8 billion and production slated to start in 2026.

The Italian energy company said Saturday that production from the project called "Structures A&E," which consists of two gas fields, is expected to reach a plateau of 750 million standard gas cubic feet a day.

Eni said the project includes the construction of a carbon capture and storage facility at the existing Mellitah complex in Libya aimed at reducing significantly its carbon footprint.

Eni separately said Sunday that it and TotalEnergies SE have completed the transfer to QatarEnergy of a 30% interest in two exploration blocks off the coast of Lebanon. Following the transfer, operator TotalEnergies and Eni will each retain a 35% interest in the blocks, with QatarEnergy holding the remaining 30%, Eni and TotalEnergies said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

01-30-23 0135ET