Libya: Pumping up the volume for Europe

Europe will need new sources of energy as demand, coupled with a desire to wean itself from Russian natural gas exports, grows. It’s all about European energy security.

So says the head of Italian energy conglomerate ENI, Paolo Scaroni, who contends Europe will need 300 billion cubic meters of additional gas imports 15 years from now. One of the reasons, he says, is because European states are replacing their coal-fired and nuclear power plants with natural gas.

The National reports ENI is ready to sink some serious investment funds – USD 28 billion - into Libya over the next decade to help the country develop its natural gas resources to be able to fulfill domestic and export demand. Libyan industry officials say that’s exactly what is needed to help them become bigger gas exporters, to places like Europe.

At present, Libya is using more than half of the natural gas it produces – 3.9 million cubic meters – domestically. But an official from the Libyan unit of Royal Dutch Shell estimates that gas production in Libya and its neighbors is set to increase by 5 percent every year.

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