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Wednesday, April 14, 2010    

Russia's Gazprom advances on Libyan oil deal

MOSCOW — Russia's largest private energy contractor has expanded its presence in Libya.   

Russia's Gazprom has agreed to participate in developing an oil field in Libya.

Gazprom has reached an accord with Italy's Eni to join the Elephant oil field in Libya.

"The parties will prepare a corresponding agreement in the coming days and submit it to the Libyan government for approval," Gazprom said on April 12.


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Executives said Gazprom would take 50 percent of Eni's stake in Elephant, with reserves of 700 million barrels of oil.

In exchange, Eni would participate in projects to develop northwest Siberian assets.



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