Joined: 05 Oct 2005
Posts: 315
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Eni, the Italian oil group, has won a 25-year extension to its oil and gas contracts in Libya but will face tighter commercial terms under the new deal. The agreement, which Eni has billed as cementing its position as Libya's most important foreign-partner oil company, comes amid increasing interest among multinationals in tapping Libya's relatively unexplored oil and gas basins.
Paolo Scaroni, chief executive of Eni, told the Financial Times that the increased competition for Libyan oil and gas reserves following the end of international sanctions had forced oil companies to accept tighter terms for oil and gas acreage. "This in coincidence also with high new oil prices, made a renegotiation inevitable," he said. |
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