Russia’s Gazprom has agreed with Italy’s Eni on conditions to take a stake in the Elephant oil project in Libya, RIA Novosti reported.

The report said that Gazprom is to take half of Eni’s stake in the deposit with recoverable reserves of around 700 million barrels or a total of 33% in the project in exchange for Eni taking part in projects to develop northwest Siberian assets owned by the Arctic Gas company.

the El Feel oil field, Elephant is located onshore Libya in the Murzuq Basin. The field was discovered in 1997 and produced about 125,000 barrels a day in 2006.

“The parties will prepare a corresponding agreement in the coming days and submit it to the Libyan government for approval,” Gazprom said in a statement.

The talks between Gazprom and Eni started back in April 2008 as part of an accord signed in 2006 to strengthen ties between the two companies.