"We are very satisfied with the result of this round. Block 146-1 was Hydro's first choice, and the new license will enable Hydro to build on the extensive experience gained over the last 10 years in this basin," says Tor Lund, head of Hydro's activities in Libya.
The second EPSA (exploration & production sharing agreement) bid round attracted 48 international oil companies submitting a total of 99 bids for 26 blocks. Block 146-1, which was the most contested block in the Murzuq basin, attracted eight bids.
Hydro has been active in Libya since early 1990s and today has oil production from three fields and substantial exploration activity. Two more fields will begin production in 2006.
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