Gazprom resumes oil production in Libya
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Gazprom resumes oil production in Libya

By MEED    27 May 2021 (Last Updated May 27th, 2021 16:33)

Gazprom started oil production in Libya again after ten months, before which Gazprom suspended the production under force majeure.

Gazprom resumes oil production in Libya
Production is expected to hit 62,000bpd. Credit: MEED.

The Russian majority state-owned multinational energy corporation Gazprom has resumed oil production in Libya following a ten-month hiatus.

The ports, export terminals and production facilities in Libya have gradually restarted operations, according to a report by the Russian news agency Tass.

The managing director of Gazprom’s subsidiary Gazprom EP International, Sergey Tumanov, said: “After ten months, our oil production has successfully resumed in our field in Libya.”

Force majeure led to Gazprom suspending oil production in Libya in the autumn of 2020.

Tumanov said that Gazprom aims to increase production from 43,000 barrels per day (bpd) to 62,000bpd this year.

Progress has also been made in the joint venture project in Libya with Germany-based Wintershall Dea, according to Tumanov.

He said: “We transferred the duties of the field development operator in units 91 and 107 in the Sirte Basin to the joint venture (JV) we established with the Libyan National Petroleum Corporation (NOC).”

Gazprom is looking to push ahead with projects in Algeria and Libya over the coming months.

Turmanov said his company plans to start the development of new fields this year at the El-Assel field in Algeria.

Gazprom is also looking to conduct feasibility studies for the development of Algeria’s Rourd Saya and North Rourd Saya fields, according to Turmanov.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.

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