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Russia’s TATNEFT to resume oil exploration in Libya, Syria

Russia’s TATNEFT to resume oil exploration in Libya, Syria

The Russian company TatNeft announced suspending its operations in Libya due to the February revolution’s consequences. As The Middle Eastern Monitor has learned, oil production and exploration operations have also halted in a number of sites in Syria.

The Russian oil company Tatneft has shared its plans to resume its common oil activity in many Syrian and Libyan cities, after a forced pause in its activities. On February 17, the situation has changed due to the revolution in Libya, Tatnegt CEO Rustam Minnikhanov told TASS on Saturday.

Over the months, Tatneft is studying the resumption of work in four exploration blocks in Libya. there are plans to resume exploration in neighbouring Syria as well.

Tatneft aimed at increasing total production to 50 million tonnes

The company expects that the total production from the projects will reach 50 million tonnes, while it also studies other exploration projects in Central Asia, Africa and the Middle East.

Since 2005, Tatneft has been developing a field in Ghadames, before winning three other fields in Ghadames and Sirte in 2006 as a part of the concession. In 2011, due to the Arab Spring, the company halted its activity and all employees were evacuated.

After two years, the company tried to return to Libya but was forced to leave again in 2014 due to the escalation of military tensions.