Gazprom announced on Monday it had agreed terms with Italy's energy company Eni on joining the Elephant oilfield in Libya in an asset-swap deal. The terms were agreed after a meeting between Gazprom CEO Alexei Miller and Eni head Paolo Scaroni. "The parties will prepare a corresponding agreement in the coming days and submit it to the Libyan government for approval," Gazprom said in a statement.
Under the deal, Gazprom is to take half of Eni's stake in the deposit with recoverable reserves of around 700 million barrels or a total of 33% in the project in exchange for Eni taking part in projects to develop northwest Siberian assets owned by the Arctic Gas company. The Elephant oilfield, also known as the El Feel oilfield, is located onshore in Libya's Murzuq Basin. It was discovered in 1997 and produced about 125,000 barrels a day in 2006.