“We are very pleased with Tatneft’s resumption of its activities at Ghadames Basin,” NOC’s chairman Mustafa Sanalla said. “This enhances confidence in the oil and gas sector and serves the Libyan economy’s interests.”
Sanalla has been in talks with a number of foreign investors to encourage them to return to work in the North African state. The official held talks with Tatneft executives in mid-2017 in Istanbul, during which he discussed the security situation, and in October 2018 at a conference in Russia.
Tatneft entered Libya via an exploration and production-sharing agreement (EPSA) signed in 2007, with a 10.5% stake. The company made some small discoveries in the country before the 2011 revolution, including the A1-82/04 well, the B1-82/04 well and the A1-82/01 well. In addition to its holdings in Libya, Tatneft also has stakes in Syria, where work has been halted as a result of violence.
BP and Eni struck a deal on the Ghadames Basin in 2018, with the Italian company buying half of the UK company’s stake. Progress has been slow on this but success for Tatneft’s seismic acquisition might provide some reassurance.