The Ministry of Oil and Gas of the Government of National Unity (GNU) said on Sunday that the agreement signed by Libya and the Italian company Eni in 2008 contained multiple projects with a value exceeding what was announced by the National Oil Corporation (NOC) a few days ago.
The Oil and Gas Ministry added in a statement that the value of what was agreed upon with Eni in 2008 exceeded $27 billion, while what was announced by the NOC a few days ago was $8 billion, which they said hadn't been achieved in 25 years, noting that the amount of $8 billion will be divided equally between the NOC and Eni.
"What was agreed upon with the Italian company Eni in 2008 includes development projects' programs for the contract area M41 and some other blocks, the development of all nine undeveloped gas discoveries, a study of the establishment of a gas liquefaction plant in Mellitah and the development of a number of oil discoveries in the south and east of Libya, in addition to exploratory programs." It added.
The Ministry of Oil and Gas criticized earlier the NOC's agreement with Eni, saying it served the Italian side more than the Libyan one and that it increased the share of the Italian partner moreover that what was agreed on in the original agreement in 2008.