Libya ratifies gas exploration deal with Gazprom

TRIPOLI, Feb 21 (Reuters) - Libya's state-owned National Oil Corporation ratified a gas-focused exploration accord with Russian gas export monopoly Gazprom (GAZP.MM) on Thursday, detailing the firm's commitments, NOC said.

Under the deal, Gazprom will undertake a three-dimensional seismic survey of 1,750 square kms in contract area 64 in the Ghadames Basin, it added.

Gazprom will also carry out two-dimensional seismic survey of 1,500 square kms in the area and drill six wells, with a total investment of $110 million, said NOC, which will also receive $10 million as a bonus for the permit rights.

Gazprom emerged as one of several foreign companies that won gas exploration permits early in December in Libya's first gas-focused exploration round.

The gas round follows three previous exploration rounds focused on oil since the lifting of international sanctions against Libya.

The North African country aims to become a major gas producer and expand production to 3 billion cubic feet per day (bcfd) by 2010, with a potential for 3.8 bcfd by 2015 versus 2.7 bcfd now.

Demand for Libyan gas has been boosted as Europe seeks to curb dependence on Russia and because gas produces relatively less of the carbon emissions blamed for global warming. (Reporting by Salah Sarrar; editing by James Jukwey)