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Friday, January 9, 2009

Russia's Gazprom increases oil holdings in Libya

MOSCOW — Russia is preparing to significantly expand its stake in Libya's energy sector.

Russia's Gazprom is concluding an agreement for a joint venture with Italy's Eni.

Under the deal, Gazprom would take over Eni's energy projects in Libya, including 100 percent of Libya's Elephant oil field, with a daily production of 150,000 barrels.

In return, Eni would be allowed to acquire energy assets in Russia. Industry sources said the United States has been dismayed by Russia's entry into the Libyan market.

Also In This Edition


In 2007, U.S. companies won exploration and development licenses in Libya, delayed by lawsuits against the regime of Libyan leader Moammar Qaddafi.

The Qaddafi regime has approved the Eni-Gazprom swap. Eni has been reported to be the largest foreign oil operator in Libya, with production of 550,000 barrels per day.


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