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Tuesday, September 30, 2008

Gazprom may get Libya Elephant field stake in Oct. - Eni

SALEKHARD, September 30 (RIA Novosti) - Gazprom's entry into Libya's Elephant oilfield under an asset swap with Eni could be clinched in October, the Italian company's chief executive officer said on Tuesday. Under the deal, Gazprom is to take half of Eni's stake in the Elephant oilfield (or a total of 33%) in exchange for Eni taking part in Russia's Arctic Gas. "I believe Gazprom's entry into the project should be finalized by the end of October," Paolo Scaroni said. Scaroni said the Libyan government had already approved the project. Eni and Gazprom formed a strategic partnership in 2006 to focus on both upstream and downstream in the oil and gas sectors. The Elephant field, located onshore in Libya's Murzuq Basin, was discovered in 1997 and produced 124,000 barrels a day (b/d) in 2006.

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