(MENAFN) Italian oil and gas firm Eni unveiled plans to spend as much as USD8 billion on Libya's upstream business over the next 10 years, seeking to stay as the largest foreign oil and gas producer in the North African country, Reuters reported.
The investments are designed to develop ongoing production as well as new exploration activities, the company said in a statement.
Eni, which has operated in Libya since 1959, produces about one third of Libya's total output.
It was forced to halt production early in 2011 after civil war broke out, but was the first international company to resume production in September last year and currently produces 80 percent of pre-war output of roughly 280,000 barrels of oil equivalent per day.
The company said that Libyan Prime Minister Ali Zidan had asked Eni at a meeting if it was prepared to develop new projects in the downstream sector.
The state-controlled major has oil production contracts in Libya that are in force until 2042 and gas contracts in force until 2047.
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