Eni Restarts its Libya Oil Production

Reuters reported that Eni (NYSE:ENI) has restarted oil production in Libya.

The market news is quoted as saying:

Eni was the largest foreign oil producer in Libya before the civil war and is keen to mend relations with interim government leaders, after hesitant Italian support for the uprising in its early stages.

In Libya since 1959, Eni produced about 270,000 barrels of oil equivalent per day in 2010. Its oil production contracts are in force until 2042 and gas contracts until 2047.

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