Libya's National Oil Corp. and France's oil champion Total have "harmonized" rules governing production and exploration for two blocks in the prolific onshore Sirte Basin and the offshore Sabratha Basin.
The new deal for Total's Libyan business Mabruk Oil Operations in Block C17 and C137 "renews" the oil company's production-sharing in the desert republic with a memorandum of undertanding on converting contracts where Total wil lnow have a 75 percent working interest. StatoilHydro holds the remaining 25 percent of Block C17 and Wintershall the remaining 25 percent of offshore Block C137 and the Al Jurf field.
Total earns 75,000 barrels of oil per day in Libya.
New Libyan rules permit foreign companies a combined 50 percent working interest with Libya's NOC holding the remaining 50 percent.
The North African country holds the continent's largest reserves of oil. Scandoil.com affiliate Scandinavian Oil-Gas Magazine wrote a report on Libya's oilfield revival in 2008.
Tags:
Libyan National Oil Corporation,
StatoilHydro,
Total
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