Russia's Tatneft plans Libyan return

Russian oil company Tatneft says it's considering a return to Libya.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  April 2, 2014 at 9:26 AM
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Russian state-controlled oil company Tatneft said it's planning to resume operations in Libya, which were idled at the onset of the Libyan revolution in 2011.

Tatneft in February 2011 suspended geological exploration in Libya as civil war began. Staff were returned in February 2013, but later pulled out of the country following an October 2013 attack on the Russian embassy in Tripoli.

The company, in its latest financial report, said it's been working since last year to return to work in Libya.

"Starting in February 2013 the group has been working to resume operations in Libya, including returning staff to Tripoli and continuing supplier negotiations," the company said. "The group expects to re-launch its operations in Libya in 2014."

Tatneft's Libyan subsidiary operates in central Libya through a bilateral exploration and production sharing agreement with the National Oil Corp. of Libya.

Internal conflicts have hindered Libya's oil production capacity.

The Organization of Petroleum Exporting Countries said in its March market report Libya's oil production is barely above 300,000 barrels of oil per day. It's pre-civil war peak was 1.6 million bpd.

[RIA Novosti]

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