Libya: Eni and Gazprom agree to put Elephant project on hold

Gazprom CEO Alexey Miller and Eni CEO Paolo Scaroni met Wednesday in Moscow at the headquarters of the Russian company. The parties discussed the issues of bilateral cooperation in the energy sector within their Strategic Partnership Agreement. The meeting addressed the preparation of a gas purchase contract between Gazprom and SeverEnergia. The parties also noted that, due to the ongoing situation in Libya, the involvement of Gazprom in the Elephant project will remain temporarily on hold.

Gazprom has been in talks to acquire a stake in the Libyan licence NC-174, which contains the El Feel field also known as the ‘Elephant’ oil field from Italy’s Eni since December 2008. The companies finally signed an agreement paving the way for the future handover to Gazprom of 50% of Eni’s stake (33.3%) in early Febraury of this year. The field is located in Libya’s south-western desert some 800 km from Tripoli. 

Finally, Alexey Miller and Paolo Scaroni discussed the progress of the South Stream project regarding the entry of France’s EDF and Germany’s Wintershall in the South Stream shareholding.

Source: Eni / energy-pedia


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