The National Oil Corporation in Libya signed an agreement worth $8 billion with the Italian energy company, Eni, to increase gas production capacity.
This came during the Italian Prime Minister Georgia Meloni's visit to Libya, during which she held talks with the head of the national unity government, Abdul Hamid al-Dabaiba.
The head of the National Oil Corporation, Farhat bin Qadara, said that the contract signed with Eni will be for a period of 25 years, and aims to increase the production capacity of two offshore gas fields to about 800 million cubic feet per day.
Bin Qadara called on companies working in the fields of oil and gas to return to Libya, noting that the Libyan oil sector "is free of risks and is on its way to returning to international competition."
Bin Qadara pointed out that the current investments in the energy sector "have not been seen in the oil sector in Libya for a quarter of a century," he said.
In a related context, Dabaiba said that he discussed with Meloni ways to develop cooperation between the two countries in the field of energy, reduce irregular migration, and coordinate political positions.
In a joint press conference in the capital, Tripoli, Meloni expressed her hope to overcome what she called "the obstacles and difficulties of the past", to start a new joint work phase with Libya.
She also stressed the need to intensify efforts to reduce irregular migration towards Italy.
Meloni had arrived Saturday in Tripoli on her second visit this week to a country in North Africa, where she visited Algeria a few days ago to discuss issues related to energy and the thorny issue of immigration.
Meloni's visit is classified as the first by a European head of state or government to Libya since the visit of her predecessor, Mario Draghi, in April 2021.
Italy, the former colonial power, is an important trading partner for Libya, especially in the field of energy, and Eni is the largest foreign partner in extracting natural gas in Libya, which provides more than a third of Italy's consumption.
On the other hand, the issue of irregular migration is an important issue for Italy in light of the influx of immigrants from sub-Saharan Africa, Arab countries and South Asia from the Libyan coast in an effort to reach Europe.
The number of arrivals by sea to the country will exceed 105,000 in 2022, according to figures from the Italian Ministry of the Interior.
The Mediterranean is the most dangerous migration route in the world, according to the International Organization for Migration of the United Nations, which counted the death and loss of 1,377 migrants during this journey in 2022.