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

During the visit the delegation took part in the official signing ceremony of a Production Sharing Agreement (PSA) between Gazprom and Libyan National Oil Company (NOC) as regards hydrocarbon exploration and development in Block 19 of Libya’s Mediterranean Sea offshore.

The fourth-largest in Africa after Algeria, Nigeria and Egypt, Libya’s proved natural gas reserves account for 1,49 tcm. Annual oil and gas extraction rates make up 80,1 mln t and 11,7 bcm, respectively, with 83% consumed domestically and the remaining 17% exported.