MOSCOW, March 26 (RIA Novosti) - Gazprom [RTS: GAZP] has signed a production-sharing agreement (PSA) with Libya's National Oil Company to prospect and develop a hydrocarbon field on the Mediterranean shelf, the energy giant said Monday.
The company said the agreement was signed during a visit to Libya by a Gazprom delegation led by Alexander Medvedev, deputy chairman of Gazprom's Management Committee.
It said about $200 million will be spent on prospecting the field.
Libya's proven natural gas reserves are about 1.49 trillion cubic meters (fourth-largest in Africa, after Algeria, Nigeria and Egypt).
The country produces 80.1 million metric tons of oil and 11.7 billion cubic meters of natural gas a year.
