Eni’s gas and offshore-heavy Libya output has been much more resistant to the instability of recent years than that of other oil-focused IOCs. Whilst the two largest IOC-led oil concessions of Waha and Sharara saw shut-ins for most of 2020 (MEES, 6 August), Eni’s net 2020 output was a relatively buoyant 168,000 boe/d (56,000 b/d oil and 561mn cfd gas).
Even this implied fall from 2019’s 291,000 boe/d was misleading as the chief culprit was a revision to the terms of Eni’s Production Sharing Agreement which lowered the Italian firm’s net take for the Mellitah Oil and Gas production company which it operates 50:50 with NOC (MEES, 16 April). (CONTINUED - 1020 WORDS)
