Libya to prioritize $3bn Mellitah offshore expansion project: MEED

RIYADH: Libya is planning to prioritize a $3 billion offshore expansion project to be undertaken by its biggest oil and gas firm as soon as the African country’s National Oil Corporation, or NOC, receives its budget next month, according to MEED. 

Mellitah Oil & Gas Company, which is a joint venture between Italian multinational oil and gas firm Eni and local NOC, will be leading the project. 

“Contractors have been assured that making progress with this project will be a priority once the money is available,” MEED reported, citing people familiar with the plans.

The country’s national unity government has approved a $7.9 billion emergency package for NOC for 2022.

This comes as part of bigger plans to boost the country’s production rates to an estimated 1.4 million barrels per day before 2022 ends.