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Tag: EPSA

Italy’s ENI signs accord with BP, Libya to take over EPSA operation

Italy’s ENI signs accord with BP, Libya to take over EPSA operation

Business
Oct. 8 (UPI) -- Italian oil major Eni on Monday signed an accord with BP and Libyan officials under which Eni will get a 42.5% interest in an exploration and operation sharing agreement in the North African country, as well as become operator of an area where exploratory activities were suspended four years ago. The Libyan National Oil Corporation, or NOC, Chairman Mustafa Sanalla, BP chief executive Bob Dudley and Eni chief executive officer Claudio Descalzi on Monday signed a letter of intent to make this possible, according statements by both BP and Eni. BP currently holds an 85 percent working interest in the Exploration and Production (EPSA) sharing agreement in Libya, with the country's Investment Authority holding the remainder. Negotiations related to the accord, which aims at res...