The Libyan oil company is exploring possibility to supply gas to Greece and Egypt

 The head of the National Oil Company of Libya, Farhat Omar Bengdara, announced that the company is studying the proposal to open two new gas pipelines with Greece and Egypt.

In an interview with the CNBC-Arabia TV channel, the head of the National Oil Corporation mentioned a gas pipeline that will connect Libya to Greece and another line to Damietta, in addition to the already existing gas pipeline that connects Libya to Italy. He noted that Libya’s natural gas reserves are currently estimated at 8 trillion cubic feet (about 226 billion cubic meters).

Bengdara added that the Libyan company is about to sign an agreement with the Italian “Eni” for investments of the order of 8.6 billion dollars for the exploration and production of hydrocarbons in blocks in the Mediterranean Sea and western Libya. 

The head of the National Oil Company did not rule out Libya joining the Eastern Mediterranean Gas Forum, in which Turkey does not participate. 

Greece and Libya are in negotiations over natural gas production in the Mediterranean after Libya’s government of national unity signed two memoranda with Turkey – on the demarcation of exclusive economic zones in the Mediterranean and on hydrocarbon exploration, which Athens says violates Greek sovereign rights in the region, notes BTA.

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