Libya and a Russian oil company announced a new discovery on Thursday.
Libya’s state-owned National Oil Corporation and Tatneft said they discovered the oil in the Ghadames basin 330 kilometers (205 miles) south of the capital Tripoli at a depth of 8,500 feet. The amount of oil that can be extracted amounts to 1,870 barrels per day. The National Oil Corporation holds a 89.5% stake in the area, while Tatneft holds the remaining 10.5%, the former said in a press release.
Why it matters: Russian oil companies have had a presence in Libya for years, but their operations were disrupted in 2011 when the NATO-backed uprising successfully topped longtime ruler Moammar Gadhafi. A civil war broke out in 2014, lasting until 2020. Tatneft suspended operations in Libya several times during these conflicts but finally resumed in late 2021, according to S&P Global.
The Russian gas giant Gazprom also suspended operations in Libya following the 2011 conflict, but likewise resumed in 2021.