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Russia’s Tatneft makes new oil discovery in Libya
Major fossil fuel producers Saudi Arabia, Russia and China oppose the goal of tripling renewable energy capacity this decade

Russia’s Tatneft has made a new oil discovery with a 1,870 barrel per day capacity in Libya’s Ghadames basin, Libya’s National Oil Corporation (Noc) said in a statement on Wednesday.

Noc said the well was the third discovery for Tatneft in the area known as area 82 block 4.

Tatneft has an interest of 10.5 percent as an operator in drilling the F1-82/04 well, while Noc has 89.5 percent, it said.

Tatneft had invested about $200 million in exploration in Libya before suspending operations when the 2011 uprising that led to the toppling of Muammar Gaddafi broke out.

In January, Italian energy company Eni and Noc signed an $8 billion gas production deal aimed at boosting energy supplies to Europe.

The deal, signed during a visit to Tripoli by Italy’s Prime Minister Giorgia Meloni, aims to increase gas output for the Libyan domestic market as well as exports, through the development of two offshore gas fields.

Output will begin in 2026 and reach a plateau of 750 million cubic feet per day, Eni said.