Eni Expands Libyan Portfolio with Major Gas Discoveries
Context: In a strategic move reinforcing its long-standing foothold in North Africa, Italian integrated energy company Eni S.p.A. has confirmed the discovery of substantial natural gas reserves offshore Libya. This development underscores the region's continued importance to European energy security and Eni's operational scale.
The Discovery Details
On March 16, Eni S.p.A. (NYSE: E) disclosed that its recent exploration campaign yielded two new discoveries. These finds are estimated to contain more than 1 Tcf of natural gas. The reservoirs were identified within the Metlaoui formation, with acquired data characterizing them as high-quality.
According to Libya's state-run National Oil Corporation, these reserves are expected to contribute approximately 130 million cubic feet of gas per day. This output will be directed toward both the local Libyan market and exports destined for Italy.
Eni's Established Presence in Libya
Eni has maintained a continuous operational presence in Libya since 1959, establishing itself as the country's leading international operator. In 2025, the company reported equity production of 162,000 boe/day. Currently, three development projects are underway in the region, with two scheduled to commence operations this year.
Beyond its upstream activities, Eni remains a significant player in the global LNG industry. The company was recently highlighted among the "14 Best LNG Stocks to Buy Now" by market analysts.
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Original source
Eni Announces Significant Gas Discoveries Offshore Libya
Published: Mar 19, 2026
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