Libya's state-owned National Oil Corporation (NOC) on Monday announced it has signed an agreement with the global oil giants Eni and British Petroleum (BP) to resume exploration operations in the country.
"Libya's National Oil Corporation, BP and Eni today signed an agreement ... for Eni and BP to work together to resume exploration activities ... in Libya," NOC said in a statement.
According to the agreement, Eni will acquire 42.5-percent stake in BP's Exploration and Production Sharing Agreement (EPSA) in Libya.
NOC's Chairman, Mustafa Sanalla, hailed the agreement as a "clear signal and recognition by the market of the opportunities that Libya has to offer and will only serve to strengthen our production outlook."
Italy's Eni is one of Libya's largest foreign partners, managing a number of oil and gas fields.
Editor:Cherie
