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Russia company TATNEFT to resume oil exploration in Libya, Syria

Oil tanker moored at the harbour for maintenance in Libya on 28 May 2015 [MAHMUD TURKIA/AFP/Getty Images]
Oil tanker moored at the harbour for maintenance in Libya on 28 May 2015 [MAHMUD TURKIA/AFP/Getty Images]

TATNEFT Company suspended its operations in Libya following the revolution of 17 February, 2011 – NOC

A Russian oil company intends to resume production and exploration operations in a number of sites in Syria and Libya, after its activities were halted following the events of the 17 February Revolution.

Chairman of the board of directors of the Russian TATNEFT company Rustam Minnikhanov told TASS news agency that the company is studying the resumption of work in four exploration blocks in Libya and also plans to resume exploration in Syria.

The company expects that the total production from the projects will reach 50 million tonnes, while it also studies other exploration projects in Central Asia, Africa and the Middle East.

In 2005, TATNEFT obtained the concession to develop a field in Ghadames, before winning three other fields in Ghadames and Sirte in 2006 as part of a production-sharing agreement. However, all exploration work stopped in March of 2011 due to the military operations in the country, and the company employees were also evacuated.

After two years, the company tried to return to Libya but was forced to leave again in 2014 due to the escalation of military tensions.

READ: Libya to Italy: Seek France mediation to release captives from Haftar

The Libyan oil and Haftar - Cartoon [Sabaaneh/MiddleEastMonitor]

The Libyan oil and Haftar – Cartoon [Sabaaneh/MiddleEastMonitor]

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