Eni To Acquire Half Of BP’s Libya Assets

Italy’s Eni SpA (NYSE: E) has agreed to buy half of BP Plc’s (NYSE: BP) 85% stake in a Libyan oil and gas license with the aim of resuming exploration next year, the companies said Oct. 8.

Eni will acquire the 42.5% stake and become the operator of the exploration and production sharing agreement (EPSA) in Libya, in which the Libyan Investment Authority holds the remaining 15%.

The companies, along with state-owned National Oil Corp. (NOC), signed a letter of intent in London on Oct. 8 paving the way for the final deal. They did not disclose financial terms of the transaction.