According to Kommersant Ukraine, Naftogaz Ukrainy and Libya's National Oil Corporation signed a production sharing agreement in October 2004 on four deposits with estimated reserves of around 110 million metric tons (806 million barrels) of oil and 30 billion cubic meters of natural gas.
The deal specified that Naftogaz would invest a minimum of $57.5 million in prospecting. However, the Ukrainian company has only invested a mere $16 million to date and suspended the development of deposits from early 2008, the paper said.
Gazprom CEO Alexei Miller held a meeting with Libya's leader Muammar Qaddafi on July 9 to discuss the possibility of "developing a mutually advantageous long-term partnership between Gazprom and the energy-rich North African country," the paper said.
In particular, Miller offered to buy all of Libya's natural gas, oil and liquefied natural gas exports at competitive prices, the paper said.
A high-ranking source in the Ukrainian fuel and energy ministry told the paper that at yesterday's talks Libya offered Gazprom three of the four oil and gas fields previously offered to Naftogaz.
Naftogaz and Gazprom have declined to comment on this information, the paper said.
