Gazprom plans to join Libya’s Elephant oilfield project in fall 2010

Russian energy giant Gazprom is planning to join the Elephant oilfield in Libya in an asset-swap deal with Italy’s energy company Eni this fall, Gazprom deputy head Alexander Medvedev said on Friday.

Under the deal, Gazprom is to take half of Eni’s stake in the deposit or a total of 33% in the project. In exchange, Eni will be allowed to take part in projects to develop northwest Siberian assets owned by the Arctic Gas company.

The Elephant oilfield, which has recoverable reserves of around 700 million barrels, is located in Murzuq Basin in the southwestern Libyan desert, about 800 km (465 miles) south of Tripoli. The deposit, also known as the El Feel oilfield, was discovered in 1997.



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