ENI Stock Price Rises as Libya Natural Gas Discovery Boosts Supply Outlook

LootboxPhobia · 2026-03-17T08:53:10+00:00

Eni discovers two new natural gas deposits in Libya with combined reserves exceeding 1 trillion cubic feet, expected to increase daily production by 130 million cubic feet. These reserves are located in the Metlaoui formation, enhancing Eni's ability to supply natural gas to the market and will directly support both domestic and export demand.

LootboxPhobia

2026-03-17 08:53:10

Abstract generation in progress

Investing.com - Eni (BIT:ENI) announced on Monday that during ongoing exploration activities launched in recent months, two new natural gas reserves were discovered in Libya, totaling over 1 trillion cubic feet.

These discoveries are located in the Metlaoui formation, a major producing reservoir in the Mediterranean region, with well tests confirming the production capacity of the high-quality reservoir. The new Bahr Essalam South 2 and Bahr Essalam South 3 wells are situated 85 kilometers offshore, 16 kilometers south of the Bahr Essalam oil field.

Libya’s National Oil Corporation stated that these discoveries are expected to contribute approximately 130 million cubic feet of natural gas production daily, enhancing the company’s ability to meet domestic and global market demands and address supply shortages. The produced natural gas will supply the Libyan domestic market and be exported to Italy.

Since it is close to the Bahr Essalam oil field, Libya’s largest offshore oil field operating since 2005, this will enable quick connection to existing offshore infrastructure. The Italian group has been operating in Libya since 1959.

These discoveries mark the latest expansion of Eni’s natural gas production capacity in the Mediterranean region, where the company maintains significant operations across multiple countries.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.