Executives from the Eni, National Oil Corporation and BP have ratified a letter of intent (LOI) for an oil operations transfer in Libya.

The meeting was held in London and included Bob Dudley, group chief executive for BP, Eng. Mustafa Sanalla, National Oil Corporation chairman and Claudio Descalzi, Eni CEO.

Under the proposed deal, Eni will be acquiring up to 42.5% stake in BP operations in Libya. This paves the way for Eni to take over the current exploration and production sharing agreement (EPSA), of which BP owns 85% interest. The remainder 15% is held by the Libyan Investment Authority.

The transfer allows for oil exploration activity to resume smoothly under Eni, which already have existing oil operations and infrastructure close to the BP’s EPSA areas.

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