Russia’s Gazprom has acquired a 50 per cent stake in Eni’s concession at the Elephant oil field in Libya, resurrecting a deal that stalled with the outbreak of the civil war in the country.
The deal was initially announced on 16 February, only days before hostilities broke out. Gazprom will take over half of Eni’s 33.3 per cent in the field at a cost of $170m. Eni was awarded the concession during former leader Muammar Gaddafi’s rule of Libya.
The deal now needs to be approved by the provisional government.
While a residue of pro-Gaddafi forces are still holding out in the southwest of the country, the civil war was effectively decided by the fall of Tripoli to the rebel National Transitional Council (NTC) at the end of August.
Oil production has since resumed and Libya is expected to resume exports before the end of the month.