Italy and Libya want to develop new gas fields in the Mediterranean in the coming years and thus contribute to the energy security of Europe and the North African country. During the visit of a delegation from Rome led by Prime Minister Giorgia Meloni, a joint contract worth around 7.36 billion euros was signed on Saturday.
Gas fields northwest of Tripoli
Italy’s biggest gas importer Eni and Libyan state oil company NOC want to develop two gas fields northwest of Tripoli by 2026, from which up to 21 million cubic meters of natural gas are expected to be extracted daily.
Eni described the plan as “the first major project in Libya since the early 2000s”. Prime Minister Meloni called the signing of the contracts by the heads of Eni and NOC “a very important historic step” in cooperation between the countries.
CO2 capture and storage
Two platforms will be built to extract the gas; In addition, a CO2 capture and storage plant is planned on the continent, as Eni has also announced. Eni is Libya’s biggest gas producer and claims to be responsible for 80 percent of production volume. The new investments are aimed at boosting industry in the country in civil war and creating jobs, according to the partially state-owned Italian group.
Italy wants to become a transshipment point
In search of alternatives to Russian gas and oil, Italy made an agreement with Algeria a few days ago. Rome increasingly relies on North African countries for energy security, hoping to become an oil and gas hub for Africa on its way to the European Union.