XRG is in negotiations to acquire a stake in Eni's Libyan business

ADNOC's investment company XRG is in discussions with Italy's Eni about acquiring a stake in its Libyan oil and gas business. The negotiations are at an early stage and no agreement has yet been reached.

Eni has operated in Libya since 1959. Last year, its production in the country averaged around 162,000 barrels of oil equivalent per day, accounting for nearly 10% of the company's total output. Eni manages its Libyan business through Mellitah Oil & Gas, a joint venture with the state-owned National Oil Corporation.

The company plans to increase its annual LNG production volume to 20-25 million tons by 2035. Amid prolonged tensions in the Persian Gulf, XRG is also stepping up activity in other regions. The company is already collaborating with Eni on YPF's multibillion-dollar LNG project in Argentina.

Source: Reuters