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26 Mar, 2007 12:00

Gazprom to produce gas in Libya

Gazprom to produce gas in Libya

Russia's gas giant Gazprom and Libya's National Oil Company have signed a production sharing agreement for the exploration and development of a block in the Libyan sector of the Mediterranean Sea.

Gazprom won a tender for the development of block number 19 which covers over 10.000 kilometres. The company plans to invest about $US 200 MLN into geological exploration.

The PSA was signed during a Gazprom Deputy CEO Alexander Medvedev's visit to Libya and his meeting with NOC chief executive.

The two sides also discussed Gazprom's possible participation in new rounds of a tender for PSA at license zones in Libya, the possibility of joint oil and gas projects on Libyan territory as well as joint projects for the marketing of natural gas.