Neftegaz Ukrayiny to export hydrocarbons from Libya to Europe

Oct 13, 2004 02:00 AM

Neftegaz Ukrayiny will export oil and gas produced in Libya to Europe. Gas will be transported via the Libyan pipeline system and the recently constructed pipeline linking Libya with Italy.
Libyan oil is to be supplied to Southern Europe in accordance with agreements with Russian companies, Neftegaz Ukrayiny reported.

Earlier, Neftegaz Ukrayiny signed a production sharing agreement with Libyan-based National Oil Corporation. The agreement regulates the development of four oil and gas blocks with total area of over 200,000 square meters. The reserves of this area are estimated at 110 mm tons of oil and 30 bn cm of gas.
The agreements on oil production are effective within a 30-year period and on gas production -- within a 25-year period. Commercial oil production is supposed to start in 2007.

Source: Moscow Times
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