Ukrainian Petroleum and Libya’s state-run National Oil Corporation have struck a multi-million dollar deal that will bring Libyan oil and gas to the Ukraine.

A national joint-stock company, Ukrainian Petroleum signed an agreement which includes production and distribution of oil and gas, said a company official today.

The official told the African Press Agency, that the Ukrainian company will invest about $60 million in four selected natural gas wells during the first stage, prior to the beginning of the commercial operation.

The production of oil and gas from the selected wells was estimated at 110 million tonnes of oil and 30 billion cubic metres of gas, the official said.

The agreement will cover 25 years of oil production and gas production for 30 years.

(Upstream Online)