OREANDA-NEWS. Three Exploration and Production Sharing Agreements for three large blocks with a total area of more than 16 thousand square km were signed in Tripoli between Tatneft and the National Oil Corporation of Libya on March 29, 2007.

OAO TATNEFT received a license for their exploration and development  as a result of an open international tender held in December of the last year with 46 oil companies from different countries of the world participating.

The Agreements were concluded for a term of 30 years. The combined exploration program for those areas presumes performance of seismic studies and drilling of 16 wells. The results of the studies will be a basis for refining the crude oil reserves.