Led by Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee, Gazprom’s delegation has paid a visit to the Socialist People's Libyan Arab Jamahiriya.

Within the visit the delegation met with Shukri Ghanem, Chairman of the Libyan National Oil Corporation (NOC).

The meeting discussed potential joint businesses in the Libyan oil and gas sector as well as in third countries including North Africa.

The parties also addressed prospects and possibilities for Gazprom’s participation in developing Libya’s gas infrastructure as well as in hydrocarbon production, transportation and processing projects.

The meeting reached an accord to shortly sign a Memorandum covering all the above matters and major challenges to be addressed at the current stage of cooperation between Libya and Gazprom in the gas sector.

The parties decided to continue consultations on cooperation issues in the nearest future.

Reference:

The fourth-largest in Africa after Algeria, Nigeria and Egypt, Libya’s proven natural gas reserves account for some 1.49 tcm. The country’s gas potential is practically not utilized: annual production stands at 7 bcm, with 83 per cent consumed domestically and the remaining 17 per cent exported.

Libya is the first African and fifth OPEC (preceded by Saudi Arabia, Kuwait, UAE and Iraq) country by the proven reserves of light sweet crude oil (5 bln t).

Libya’s oil reserves are valued at 7 bln t. The country produces some 75.8 mln t of oil.