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Monday, October 20, 2008

TNK-BP seeks to develop major Libyan oil field

RBC, 20.10.2008, Moscow 12:12:07 – TNK-BP is ready to sell $1bn-$2bn to obtain the status of operator of Libya's Sarir project, the RBC Daily newspaper reported today. After the conflict between the oil company's Russian and British shareholders was settled, TNK-BP received the right to compete with BP in international projects. The Russian-British oil producer is now in talks with Libya's National Oil Corporation (NOC) regarding the development of the Sarir field, one of the largest oil fields in Libya. In September, a delegation of TNK-BP top executives visited the country to hold cooperation talks. However, investment in the Libyan oil project, which may total between $1bn and $7bn, has yet to be approved by the company's new CEO, as well as its board of directors.

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