Tatneft hopes to resume Libya operations in future
MOSCOW. April 1 (Interfax) - Tatneft continues to monitor the political situation in Libya, where its joint projects with National Oil Company (NOC) had to be halted once more at the end of July 2014 due to unrest in the country.
"The Group is constantly monitoring the security and political situation in Libya, and plans to resume its operations once the conditions permit to do so," Tatneft said in its US GAAP report for 2014.
Tatneft resumed 3D seismic surveying work in May last year and was preparing to drill but halted operations in July and withdrew its Russian personnel.
Political unrest had originally prompted Tatneft to entirely suspend operations in Libya and evacuate personnel in February 2011. In February 2013, it began the process of resuming its activities in Libya, including the return of its personnel to a branch in Tripoli and recommencement of some exploration activities.
Tatneft had planned to complete geological exploration in accordance with its contract, including 547 square kilometers of 3D seismic surveying and drilling of six appraisal wells.