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Russia’s Tatneft resumes oil work in Libya after five-year suspension

Libya’s National Oil Corporation (NOC) said the Russian oil company Tatneft had resumed work in Libya after a five-year suspension over deteriorating security conditions.

“NOC announces that oil company Tatneft resumed seismic acquisition activities in Ghadames Basin (in southern Libya) on December 06,” NOC said in a statement.

“We are very pleased with Tatneft’s resumption of its activities at Ghadames Basin. This enhances confidence in the oil and gas sector and serves the Libyan economy’s interests,” NOC Chairman Mustafa Sanalla said.

Tatneft signed an agreement with NOC in 2005 that the Russian company will obtain about 10.5 percent of its production shares in the Ghadames Basin.

Tatneft returned to Libya in 2014, but was forced to leave again because of the country’s deteriorating security situation caused by violent clashes. The Ghadames Basin has total recoverable reserves of more than 3.5 billion barrels of crude oil.

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