LIBYA · ENERGY
Key Facts
- —The country Libya is a North African country with Africa’s largest proven oil reserves, split between rival governments in Tripoli and the east.
- —What happened On 24 October 2026 the Libya Observer relayed a report of early talks between XRG and Eni over a Libya stake.
- —The buyer XRG is the international investment arm of Abu Dhabi National Oil Company (ADNOC), set up to invest in gas, chemicals and energy solutions.
- —The seller Eni is Italy’s biggest energy group and has worked in Libya since 1959, with about 162,000 barrels of oil equivalent a day in 2025.
- —The stake No share size, price or list of assets has been disclosed, and the report says an agreement is not guaranteed.
- —Still open Eni and XRG both said they do not comment on speculation, and Libya’s National Oil Corporation has announced no sale.
A company owned by Abu Dhabi is in early talks over an Eni Libya stake, the Libya Observer reported on Saturday 24 October 2026. The buyer is XRG, the investment arm of Abu Dhabi National Oil Company (ADNOC), and no price is public.
For US readers, the talks matter because Libya holds Africa’s largest proven oil reserves and sends gas to Italy by seabed pipeline. A new owner of an Eni Libya stake would show Gulf capital moving into North African energy while the country stays divided.
What The Libya Observer Reported
On Saturday 24 October 2026 the Libya Observer relayed a report that XRG is discussing an Eni Libya stake in oil and gas. The report, first published on 22 October and carried by Baird Maritime, cites two unnamed people and says the talks are early.
Eni said it does not comment on rumours, and XRG said it does not comment on market speculation. The report gave no size or price for the Eni Libya stake, and it did not say which assets a deal would cover.
Who XRG Is and Why Eni Knows It
XRG is the international investment arm of ADNOC, Abu Dhabi’s state oil company, created to invest in gas, chemicals and energy solutions. It aims to lift its liquefied natural gas (LNG) capacity to 20 million to 25 million metric tons a year by 2035.
XRG and Eni are already partners with the Argentine state energy company YPF in a multibillion-dollar LNG project in Argentina. One unnamed source said XRG’s need to invest outside the Persian Gulf has grown as the US-Iran conflict drags on.
What Eni Runs in Libya
Eni, Italy’s biggest energy group, has operated in Libya since 1959 and describes itself as the country’s leading international energy operator. Its 2025 equity production there was about 162,000 barrels of oil equivalent a day, the company said on 19 October 2026.
Its Bouri gas work runs through Mellitah Oil & Gas, a joint venture with the National Oil Corporation (NOC), Libya’s state oil company. Eni’s Libyan portfolio also includes the A&E Structures project, which aims to bring new offshore gas resources on stream.
Why The Bouri Gas Project Adds Value
On 19 October 2026 Eni said it had finished building the Bouri gas utilization project off western Libya and that start-up procedures were under way. The project captures gas that was previously flared and adds about 700 million standard cubic metres a year.
Eni said the gas will first supply Libya’s power stations, with extra volumes available for Europe through the GreenStream pipeline. The Libya Observer reported on 20 October that Bouri and the Sabratha compression project together could supply about 1.5 billion cubic metres a year.
A Divided Country Behind the Deal
Libya has two rival power centres, the Government of National Unity in Tripoli and an eastern camp around the House of Representatives and Khalifa Haftar. Our Libya explainer sets out how the split shapes control of oil income and exports.
On Wednesday 21 October the European Union, Greece, Egypt and Israel rejected the House of Representatives’ ratification of a 2019 maritime deal with Turkey. The dispute adds to the political risk for any foreign investor in Libya’s energy sector.
What It Means for US Readers
Our earlier report on Libya’s oil economy put output near 1.49 million barrels a day, so a change of owner touches global supply. Gas from Eni’s Libyan fields also feeds Italy through the GreenStream pipeline.
US energy firms that follow Libya’s licensing rounds could meet a well-funded Gulf rival if XRG buys existing production. Eni shareholders should watch whether any sale brings cash for the group’s other projects.
What Is Not Known
The size of the Eni Libya stake, the price and the exact assets are not public, and the talks may never lead to an agreement. Eni and XRG have declined to comment, and the NOC has announced no sale.
It is not clear whether the NOC, which is Eni’s partner in Libya, would need to approve a sale or could block it. The timeline for the talks has not been given.
More: Libya news in English, every day from The Rio Times.
Frequently Asked Questions
Who wants to buy an Eni Libya stake?
The Libya Observer relayed a report that XRG, the international investment arm of Abu Dhabi’s ADNOC, is in talks. The report cites two unnamed people familiar with the matter.
How big is the stake being discussed?
No share size has been disclosed for the Eni Libya stake. The report says only that XRG is exploring a stake in Eni’s oil and gas operations.
Has a deal been agreed?
No, the talks are described as early with no guarantee of an agreement. Eni and XRG both declined to comment, and Libya’s National Oil Corporation has announced no sale.
How much does Eni produce in Libya?
Eni said its 2025 equity production in Libya was about 162,000 barrels of oil equivalent a day. The company has worked in the country since 1959.
Why does a Libya deal matter outside Africa?
Libya holds Africa’s largest proven oil reserves and exports gas to Italy through the GreenStream pipeline. Ownership changes can affect supply, prices and the Gulf’s role in North Africa.
Sources: The Libya Observer, Emirati company in talks with Eni, 24 October 2026; Baird Maritime, ADNOC unit considers deal for Eni’s Libya oil and gas assets, 22 October 2026; Eni, Bouri Gas Utilization Project completed, 19 October 2026; The Libya Observer, Eni completes gas recovery project at Bouri field, 20 October 2026; To Vima, Egypt, Israel join Greece, EU to condemn Turkey-Libya maritime deal, 21 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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