Eni Committed to Libya

OilPrice reports that despite Eni’s security concerns in Libya, the company remains committed to Libya as a tool to hit its production targets.

Eni’s Libyan production of 300,000 bpd represents almost 20 percent of its current production levels.

Speaking of the Libya market, Eni CEO Claudio Descalzi said on the last conference call:

Libya, so what we are experiencing there is that oil, gas and condensates, especially for regard the situation, so far is good. And we think that the gas that now is going about 60 percent for the domestic market is particular at the maximum rate.

"And our forecast is that it's going to continue at this rate. So and that results a positive signal because when they increased, Libya increased, the gas utilization disposal. So that is positive because it means better working and the situation is not too bad in all different cities. So for gas we are optimistic.

"For oil, the projection is not so optimistic because we need different facilities we need more maintenance, we need fair purchase then we need also the extra facility working operationally at the best.

"So the projection that remain in our calculation is in a steady state right now that Eni has not charged the maximum adjusted new percentages full potential.

(Source: OilPrice)

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