Tatneft Continues Exploration in Libya

By John Lee.

In a meeting during Russian Energy Week, the General Director of Tatneft told a delegation from Libya's National Oil Corporation (NOC) of its readiness to return to Libya in the coming weeks to complete the remainder of the contracted work.

The company signed four exploration and production sharing agreements in Ghadames and Sirte between 2005 and 2007, and is in the process of conducting seismic surveys in the Hamada area of the Ghadames basin.

Mr. Nail Maganov also signalled Tatneft’s willingness to increase investment in the development of discovered and undeveloped oil fields, indicating that Tatneft have the technology to develop complex fields such as heavy oil fields and tight reservoirs.

According to a statement from the NOC, the parties are exploring memorandums of understanding for Tatneft to carry out reservoir studies and provide development proposals for these fields.

Tass adds that the main shareholder of Tatneft is the Republic of Tatarstan, which holds more than 36 percent of the ordinary shares.

(Source: NOC)

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