Russia's Tatneft says resuming work on several Libya projects

Alwasat - Cairo Thu 07 Oct 2021, 02:51 PM
alwasat radio

Russian energy company Tatneft is resuming work on several projects in Libya, Vasily Mozgovoy, assistant to the oil company's general director for corporate finance, said.

"Work in Libya has been resuming, though not yet at all blocks. We have signed four production sharing agreements there, while the force majeure continues; however, we are starting operations again at certain fields," Mozgovoy said.

Tatneft was the first Russian company to enter the Libyan oil sector, and obtained a 30-year joint production agreement with the Libyan government among 48 international companies in 2005. The company has contracts in the Ghadames Basin and Sirte, mostly related to exploration for oil and gas, within the framework of a production sharing agreement. It halted its Libya operations in 2011.

The company has previously disclosed, on more than one occasion during the past years, its quest to enter the field of refining, manufacturing and capacity building in Libya as soon as its activity returns, as well as working to bring renewable energy technology and introduce it to the Libyan oil sector.

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