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Tatneft is planning to resume geological exploration in Libya

In February 2021, Libya’s Deputy PM Ahmed Maiteeq said Russia and Libya could renew by the end of this year an intergovernmental agreement on trade, economic, and financial cooperation amounting to $18 billion

Tatneft is planning to resume geological exploration in Libya

Moscow, October 15 - Neftegaz.RU. TATNEFT resumed geological exploration in the country in the face of the normalization of the situation in Libya with the support of the National Oil Corporation of Libya (NOC).

Currently, the сompany is starting to complete the work on the wells of one of the contract blocks, which drilling of has been suspended due to force majeure.

TATNEFT and NOC Libya have been partners since 2005.
Tatneft worked in Libya under the concessionary agreement from 2005 right until 2014, when hostilities erupted in the country.

In October 2005, the company obtained a concession for the development of an oil field in the Ghadames area (block 82-4) as part of the 2nd open international tender announced by NOC.

The company won the rights to 3 more oil fields in the Ghadames and Sirte basins in the 3rd international tender in December 2006.
The total area of ​​the contract plots amounts to 18 000 sq.km.

Representatives of TATNEFT and NOC Libya are considering other promising areas of cooperation, including the use of the company's engineering developments in the implementation of oil production projects, opportunities for interaction in the area of oil and gas processing and the petroleum chemistry, technologies aimed at reducing the carbon footprint, as well as training Libyan professionals at the educational institutions of Tatarstan.

To read the news in Russian

Source : Neftegaz.RU


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