Tatneft, a major Russian oil company, has drilled the first volume of its Libyan oil, totaling 400 barrels per day, from its A1-82/04 plot in the Gedames oil field, which is located about 345km to the south of the nation’s capital of Tripoli.
Tatneft won the concession right on the development of the Gedames oil field in the second tender organized by the Libyan National Oil Corp. (NOC) in October 2005, thus becoming the first Russian oil company to enter the Libyan oil industry. Tatneft also won the rights to three other large blocks in the Gedames and Sirt basins in the third tender that was also organized by NOC in December 2006 with the participation of 46 other oil companies. Currently, Tatneft is conducting exploration works on two plots in the Gedames basin and on one plot in the Sirt basin.
The activity of Tatneft in Libya is regulated by an oil exploration and product sharing agreement. A representation of the company has been operating in Tripoli since 2005. The combined exploration program on these oil sites envisages carrying out seismic studies and drilling of 16 oil wells. In all, Tatneft has four contracts and four licenses on oil sites in Libya, totaling 18,000sq.km. For comparison, this amounts to over 25% of Tatarstan’s territory or 18 times the area of Moscow.
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