OREANDA-NEWS. Three Exploration and Production Sharing Agreements for three large blocks with a total area of more than 16 thousand square km were signed in Tripoli between Tatneft and the National Oil Corporation of Libya on March 29, 2007. OAO TATNEFT received a license for their exploration and development  as a result of an open international tender held in December of the last year with 46 oil companies from different countries of the world participating, reported the press-centre of OAO TATNEFT. The Agreements were concluded for a term of 30 years. The combined exploration program for those areas presumes performance of seismic studies and drilling of 16 wells. The results of the studies will be a basis for refining the crude oil reserves.


Negotiations between the General Director of OAO TATNEFT Shafagat Takhautdinov and the People's Secretary of the National Oil Corporation of Libya Shukri Ganem were held on the same day. Proposals with respect to OAO TATNEFT working in the Libyan crude oil fields with declining oil production and with respect to crude oil recovery enhancement were discussed in the framework of the meeting. The parties also discussed establishment of a Joint Venture of the Tatneft OOO TNG-Group Management Company Ltd. to provide services in the field of seismic exploration, field wells studies as well as wells drilling and workover. This is not the first contract of Tatneft in Libya. At present exploratory activities are on the way in the framework of the exploration and production sharing contract for Block 82-4 signed in December 2005. Seismic operations have been started in March this year and when they are completed by the end of the year the plans provide for starting drilling the first exploratory well.