MOSCOW, April 2 (PRIME/RIA Novosti) - Tatneft, one of Russia's top ten oil companies, is planning to resume its operations in Libya according to an official company report published today.
"Starting in February 2013 the group has been working to resume operations in Libya, including returning staff to Tripoli and continuing supplier negotiations. As of date of the report, the group expects to re-launch its operations in Libya in 2014," the company's consolidated financial report said.
Tatneft hopes for a stabilization of the situation in Syria and Libya, according to company Head Nail Maganov, who spoke on the matter in January.
In February 2011, Tatneft suspended its geologic explorations in light of the revolution in Libya. All well sites involved in test drilling were mothballed. In February 2013, the company sent some staff to Libya to restart geologic explorations, only to return in October, after an attack on the Russian Embassy in Tripoli.
The Libyan division of Tatneft cooperates with the National Oil Corporation of Libya under a bilateral exploration and production sharing agreement. Central Libya is the main site for exploration covering a total of 18.2 thousand square kilometers, representing great potential for Russia-Libya bilateral cooperation.
Tatneft functions as an explorer, developer and extractor of oil and its share in the total volume of oil extracted in Tatarstan exceeds 80 percent.
US involvement in Libya has had a devastating effect on the country. The current regime is faced restoring the basic operation of the economy, including international business ties. The geopolitical tensions have brought Russia and Libya closer, with the Russian government seeking ways to restore bilateral economic cooperation.
