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Libya's NOC discusses development of the oil sector with Russian Tatneft

The company expects that the total production from the projects will reach 50 million tonnes, while it also studies other exploration projects in Central Asia, Africa and the Middle East

Libya's NOC discusses development of the oil sector with Russian Tatneft

Tripoli, June 17 - Neftegaz.RU. According to the Libya Observer, the Head of the National Oil Corporation (NOC), Mustafa Sanalla, held discussions with representatives of the Russian company Tatneft on the development of the 2 exploration blocks in the Ghadames and Sirte basins.

Both parties also discussed various issues related to the energy field, including the Russian company’s possible contribution to enhancing the role of the refining and manufacturing sector, along with training initiatives for graduates from the Libyan Petroleum Institute and exploring the possibility of introducing renewable energy technology in the country.

According to a statement by the NOC, these meetings come within the framework of the corporation’s future plans to advance the sector and develop its operations to convert to electric power generation through the use of clean and renewable energies in the long term.

Tatneft was the 1st Russian company, which entered the oil market of Libya.
The branch of Tatneft in Libya was registered already in June 2005, when after having won the bid Tatneft acquired the rights for the area in Ghadames Basin.

However, all exploration work stopped in March of 2011 due to the military operations in the country, and the company employees were also evacuated.
  • In 2013, Tatneft tried to return to Libya but was forced to leave again in 2014 due to the escalation of military tensions.
  • In 2019, the company said it had conducted a feasibility study for the development of new deposits in the Ghadames Basin.
  • In 2020, Tatarstan President Rustam Minnikhanov said that Tatneft is studying the resumption of work in 4 exploration blocks in Libya and also plans to resume exploration in Syria.

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