25 August 2009

TATNEFT Received First Oil in Libya

OAO TATNEFT received the inflow of oil from well A1-82/04 of the Libyan oil field in the amount of 400 barrels per day.

OAO TATNEFT received the inflow of oil from well A1-82/04 of the Libyan oil field in the amount of 400 barrels per day. The oil field is located in the Ghadames basin 345 km to the south of Tripoli.

TATNEFT obtained the concession to develop the oil block in the Ghadames Area in October 2005 (Block 82-4) in the framework of the second open tender announced by the National Oil Corporation of Libya (National Oil Corporation - NOC), and became the first company in Russia coming out to the oil market of Libya. The Company won the rights to three large blocks in the Sirte and Ghadames basins in the course of the third international tender in December 2006, which was attended by 46 oil companies from different companies around the world. At present OAO TATNEFT performs exploration work in Areas 82 (Ghadames Basin, Blocks 4, 1); 98 (Blocks 2, 4) and 69 (Sirte Basin, Blocks 1-4).

Activities of TATNEFT in Libya are performed under the Exploration and Production Sharing Agreement (EPSA). The aggregate exploration program on the named sites provides for seismic studies and drilling of 16 wells. All in all TATNEFT holds production sharing contracts and possesses 4 licensed sites with total area of 18 thousand square km.

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