Gazprom Neft eyes Libyan oil fields

June 30, 2010 at 9:34 AM
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MOSCOW, June 30 (UPI) -- Russian oil company Gazprom Neft is in talks with oil executives in Libya to help develop the Elephant oil field, directors of the company said.

Boris Zilbermints, the deputy chief executive of Gazprom Neft, said his company is exploring various business opportunities in oil-rich Libya, Russia's state-owned news agency RIA Novosti reports.

"We are planning to join the Elephant in late summer but we don't plan to invest much, except the entrance fee because the project has already been launched," he said. "We are currently negotiating with several other asset owners in Libya."

Gazprom officials said last week they could join the Elephant oil field through an asset swap with Italian energy company Eni.

The Elephant oil field was discovered in southern Libya in 1997. Estimated recoverable reserves are listed at around 700 million barrels of oil.

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