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    Gazprom to join Libya’s Elephant oilfield on Wednesday

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    Russian energy giant Gazprom will join the Elephant oilfield in Libya in an asset-swap deal with Italian energy company Eni on Wednesday, Russian presidential aide Sergei Prikhodko said on Tuesday.

     

    Russian energy giant Gazprom will join the Elephant oilfield in Libya in an asset-swap deal with Italian energy company Eni on Wednesday, Russian presidential aide Sergei Prikhodko said on Tuesday.

    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.

    Prikhodko said the document will be signed in Rome during the visit of Russian President Dmitry Medvedev.

    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.

    MOSCOW, February 15 (RIA Novosti)

     

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