XRG Negotiates Stake in Eni Libyan Oil Operations
XRG is in preliminary talks to acquire a stake in Eni's Libyan oil and gas assets to diversify its international portfolio.
XRG, the international investment arm of the Abu Dhabi National Oil Company, is in preliminary talks to acquire a stake in the Libyan oil and gas operations of Italian energy company Eni. The discussions remain in an early stage, and neither party has officially confirmed the negotiations.
XRG is pursuing the acquisition to diversify its international upstream portfolio, a move intended to mitigate geopolitical risks in the Gulf stemming from the prolonged conflict between the United States and Iran. Eni has maintained operations in Libya since 1959 and produces roughly 162,000 barrels of oil equivalent per day in the region, which accounts for approximately 10% of its total output.
Eni manages these assets through Mellitah Oil & Gas, a joint venture with the National Oil Corporation of Libya. XRG and Eni already maintain a business relationship as partners in an LNG development project in Argentina alongside YPF.
