Page 8 - AfrOil Week 05 2023

AfrOil INVESTMENT AfrOil

Meloni and Descalzi traveled to Tripoli on January 28 (Photo: Twitter/@GiorgiaMeloni)

“This agreement will enable important invest- that Tripoli has struck with foreign states and
ments in Libya’s energy sector, contributing companies.
to local development and job creation while Meloni also discussed with President
strengthening Eni’s role as a leading operator in Dbeibah the pressing issue of illegal migrants
the country,” said Descalzi. departing from Libyan shores to cross the Med-
Bengdara welcomed the agreement, calling it iterranean Sea. Italy plans to donate to Tripoli
“the most important new investment in Libya’s five new fully equipped patrol boats to monitor
energy sector for a quarter of a century”. the coastline and to set up a joint task force to
However, unlike the recent deal with Algeria’s coordinate efforts in order to stem the flow of
Sonatrach, the agreement with Libya will likely migrants.
face significant hurdles. Tensions are reportedly Still, it is unclear how these plans will trans-
boiling over between the two rival factions con- late into practice anytime soon; most of the
trolling the country, with Tobruk-based politi- illegal boats depart from eastern Libya, which
cians already questioning the validity of the deal is not under the control of the Tripoli-based
with Eni. government headed by Dbeibah, who signed
Cooperation and dialogue between the war- the agreement.
ring parties will be essential since many oil and Meanwhile, in Rome, Italian left-wing MPs
gas fields are located in the eastern part of the have vocally criticised the move, branding the
country controlled by general Khalifa Haftar. agreement as “shameful” because of the murky
The Tobruk-based parliament last year claimed track record of the Libyan military, which in
that the UN-backed cease-fire deal between the past has been accused of torturing migrants
Haftar and the GNU was no longer legiti- in detention camps and disregarding human
mate, and as such it has rejected all the deals rights. ™

PERFORMANCE
United Oil & Gas reports full-year results

for 2022 and provides guidance for 2023

EGYPT UK-BASED United Oil & Gas (UOG), whose oil equivalent (boepd) of natural gas, in line with
main productive asset is a 22% stake in the Abu revised production guidance of 1,300-1,325
Sennan concession, located onshore Egypt and boepd.
operated by Kuwait Energy Egypt, reported full The work programme during the year con-
year results for 2022 and guidance for 2023. sisted of three development wells, two explo-
To achieve its targets, UOG plans to invest ration wells and eight workovers. The drilling
$4mn in Egypt during the current year. programme achieved mixed results, with pro-
Full year 2022 production at Abu Sennan duction added from ASD-2 and ASH-4, but
averaged 1,312 barrels per day (bpd) of oil net, with disappointing results from the two explo-
consisting of 1,137 bpd of oil and 175 barrels of ration wells.

P8 www. NEWSBASE .com Week 05 02•February•2023