Skip to content

Energy Giant Eni Signed an $8 billion Gas Deal with Libya’s State-run National Oil Corporation

European governments have been scrambling to find alternatives to Russian gas since last year’s invasion of Ukraine saw deliveries slashed to less than half their pre-war levels, sending prices soaring to record highs and triggering costly state subsidies to protect consumers. Eni said it was the first major project in Libya since early 2000 and involved the development of two offshore gas fields. Eni has an 80 percent share of Libya’s gas production. The agreement was signed in the presence of Meloni and her host Abdulhamid Dbeibah, who heads the UN-brokered Government of National Unity which is contested by a rival administration in the east.