{"url":"https://newsforagent.com/news/2026-10-22/xrg-eni-libya-stake-talks","markdown_url":"https://newsforagent.com/news/2026-10-22/xrg-eni-libya-stake-talks.md","title":"XRG in talks to buy stake in Eni's Libya oil and gas business","headline":"XRG opens early talks with Eni over a stake in its Libya oil and gas operations","description":"XRG is in early talks to buy a stake in Eni's Libya oil and gas business, which produced 162,000 barrels of oil equivalent per day last year.","section":"Mergers & Acquisitions","published_at":"2026-10-22T12:07:28+00:00","modified_at":"2026-10-22T12:07:28+00:00","author":"News Desk","key_takeaways":["XRG is in early-stage talks with Eni about buying a stake in Eni's Libya oil and gas business, with no certainty a deal will follow.","Libya accounted for 162,000 barrels of oil equivalent per day of Eni's production last year, roughly 10% of its total output.","XRG targets 20 million to 25 million metric tons a year of LNG capacity by 2035 and is already Eni's partner in the Argentina LNG project."],"companies":[{"name":"XRG","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0000zy9/xrg","website":"http://xrg.com"},{"name":"Eni","is_primary":false,"profile_url":"https://akta.pro/company-profiles/00004s8/eni","website":"https://www.eni.com/en_IT/home.html"}],"source":{"publisher":"Reuters","title":"ADNOC's XRG in talks to buy stake in Eni's Libya oil and gas business, sources say","url":"https://www.reuters.com/business/energy/adnocs-xrg-talks-buy-stake-enis-libya-oil-gas-business-sources-say-2026-10-22/"},"other_sources":[],"tags":["Mergers & Acquisitions","XRG","Eni"],"body_markdown":"[XRG](https://akta.pro/company-profiles/0000zy9/xrg), the international investment arm of Abu Dhabi National Oil Company, is in early-stage talks with [Eni](https://akta.pro/company-profiles/00004s8/eni) about buying a stake in the Italian company's oil and gas business in Libya, two people familiar with the matter said. [Reuters](https://www.reuters.com/business/energy/adnocs-xrg-talks-buy-stake-enis-libya-oil-gas-business-sources-say-2026-10-22/) reported the negotiations, which the people said may not lead to a deal.\n\n## XRG's Talks for a Stake in Eni's Libya Business\n\nXRG was established to pursue acquisitions in natural gas, chemicals and energy solutions, and it aims to expand its liquefied natural gas capacity to between 20 million and 25 million metric tons a year by 2035. The second person said XRG's need to invest and grow outside the Gulf region had become more pressing as the conflict between the US and Iran drags on.\n\nEni said it did not comment on rumours or speculation, and XRG said it did not comment on market speculation. Eni has operated in Libya since 1959, and the country accounted for 162,000 barrels of oil equivalent per day of production last year, roughly 10% of the Italian group's total output. Eni operates in Libya through Mellitah Oil & Gas, a joint venture with Libya's National Oil Corporation.\n\nThe Italian company recently announced the completion of the Bouri Gas Utilization Project, aimed at recovering associated gas from the offshore Bouri field in western Libya. Eni is also developing the A&E Structures Project, designed to bring new offshore gas resources on stream for domestic use and export. Eni and XRG are already partners in a multibillion-dollar LNG project in Argentina being developed with state energy company YPF.\n\n## XRG's Argentina LNG Venture With Eni\n\nAccording to akta.pro [company records](https://akta.pro/company-data), XRG signed a binding Joint Development Agreement with YPF and Eni in February 2026 to develop the Argentina LNG project, targeting 12 million tonnes per annum of LNG capacity from two floating units monetizing Vaca Muerta shale gas, with a final investment decision targeted for the second half of 2026 and first exports by 2030-2031. The same records put XRG's enterprise value at more than $150 billion, up from approximately $80 billion at its launch in November 2024.\n\n## XRG's Recent Deal Activity\n\nIn September 2026, XRG completed its acquisition of an equity stake in Southern Gas Corridor CJSC from Azerbaijan's Ministry of Economy, adding a 3,500km gas network to its portfolio, GulfNews reported. Bloomberg reported in September 2026 that XRG was exploring acquiring a stake in the Shell-led LNG Canada export project. In October 2026, XRG said it planned to expand investments in Turkmenistan's gas sector, citing the country's strategic position and resource base, Trend reported.\n\n## Argentina LNG's Next Steps\n\nThe Argentina LNG project's final investment decision is targeted for the second half of 2026, with first exports expected by 2030-2031, according to akta.pro company records.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}