TRIPOLI, Libya, Sept. 30 (UPI) -- Directors at the Italian oil and gas firm Eni confirmed Tuesday a deal with Russia's Gazprom for a majority of its share in Libya's Elephant oil field.
The Libyan government had already approved a deal in which Gazprom takes 50 percent of the Eni shares in the field in exchange for gas deals with Russia, RIA Novosti reported.
The exchange could be finalized by the end of October, said Eni Chief Executive Officer Paolo Scaroni.
Gazprom and the Libyan National Oil Corp. signed an initial deal to explore several oil fields in 2006.
In July, Gazprom offered to buy the entire export capacity in the Libyan oil and gas market.
The Elephant field in the southwestern Libyan desert has a production capacity of around 124,000 barrels per day.
