XRG is in negotiations to acquire a stake in Eni‘s Libya business, Reuters reported on 22 October 2026. The report cited two people with knowledge of the discussions, one of whom said they were preliminary and might not produce an agreement.

Eni declined to address speculation or rumours, while XRG said it would not comment on market speculation. Neither company confirmed the negotiations.

Eni began operating in Libya in 1959. Its activities there are conducted through Mellitah Oil & Gas, a venture it shares with Libya’s National Oil Corporation. In its 19 October announcement, Eni put its 2025 equity production in Libya at approximately 162,000 barrels of oil equivalent per day. Reuters said the country contributed about 10% of the group’s output.

The Bouri Gas Utilization Project is among Eni‘s recent developments in the country. The company announced its completion on 19 October 2026, while noting that start-up procedures were in progress. The facilities are designed to capture associated gas at the Bouri field off Libya’s western coast. Another development, the A&E Structures Project, is intended to bring offshore gas into production for Libyan consumers and export markets.

XRG is the international investment arm of Abu Dhabi National Oil Company (ADNOC). Reuters described its acquisition focus as natural gas, chemicals and energy solutions. The company aims to expand its LNG capacity to between 20 million and 25 million metric tons annually by 2035.

A second person cited in the report said the continuing US-Iran conflict had made investment and growth beyond the Gulf more pressing for XRG.

Eni and XRG already cooperate in Argentina, where they are developing an LNG project with state energy company YPF. Reuters described that development as a multibillion-dollar undertaking.