The two European countries have signed an agreement to enable the
development of Libya's Elephant crude oil field.
Under the accord, Italy's
Eni, with 66 percent in Elephant, would be partnered with Russia's Gazprom.
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In 2007, Eni signed an agreement with Libya's National Oil Corp. to
increase energy production. The two companies, estimated to invest up to $28
billion, have focused on Elephant and the Western Libya Gas Project.
The Eni-Gazprom partnership was signed amid unprecedented unrest in
Libya, which sparked a flight of the foreign energy community from the North
African state. Many Western energy companies have been evacuating their
personnel out of concern that they would be attacked by anti-government
forces.
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