Gazprom Wins Offshore Libya Acreage
On December 20 Gazprom was declared as the hydrocarbon exploration & development tender winner for Block 19 situated in Libya's Mediterranean Sea offshore. With 45 bidders involved, the tender was organized by the Libyan National Oil Corporation (NOC).
Gazprom will receive an up to 30-year upstream license for the Block. The project is planned to be funded with over US$ 200 million to be used for geological exploration purposes including for drilling 6 exploration wells.
The fourth-largest in Africa after Algeria, Nigeria and Egypt, Libya's proven natural gas reserves account for some 1.49 tcm. The country's gas potential is practically not utilized: annual production stands at 7 bcm, with 83 percent consumed domestically and the remaining 17 percent exported.
Libya is the first African and fifth OPEC (preceded by Saudi Arabia, Kuwait, UAE and Iraq) country in terms of the proven reserves of light sweet crude oil (5 billion t).
Libya's explored oil reserves are valued at 7 billion t. In 2005 the country produced more than 80 million t of oil.
Founded in 1970, the Libyan National Oil Corporation (NOC) is currently engaged in hydrocarbon exploration and production on the territory of Libya. NOC owns a petrochemicals compound in Ras Lanuf and a string of refineries.
Developing Block 19 in the Mediterranean Sea offshore will be Gazprom's second-largest project in Libya. The first project will be executed under a framework asset swap agreement between Gazprom and BASF. Under the agreement, the Russian side will receive a 49-percent stake in Wintershall Holding that annually recovers some 5 million t of oil in Libya.
- Court Rejects PGniG's Attempt To Limit Gazprom's Use Of Opal Pipeline (Oct 13)
- Russia's Gazprom Signs LNG Supply Deal With Ghana (Sep 18)
- Gazprom Says Sanctions Won't Stop Nord Stream 2 Pipeline Project (Aug 30)
Company: Wintershall more info
Operates 3 Offshore Rigs
- Libya's NOC, Wintershall Strike Interim Deal To Resume Output (Jun 13)
- BASF Sees Role of Oil and Gas Unit Declining Further (May 12)
- Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
Company: Libyan National Oil Corporation (NOC) more info
- Engineer: Libya's Sharara Oilfield Still Shut Due To Action By Armed Brigad (Oct 03)
- Libya Oil Output Drops to 5-Month Low on Biggest Field Halt (Oct 02)
- Source: Libya's Sharara Oil Field Reopens After Pipeline Blockade (Sep 05)