NOC Signs Exploration and Production Sharing Agreement in Libya
The National Oil Corporation signed an Exploration and Production Sharing Agreement with a Consortium, including Sonatrach, Oil India and Indian Oil. Sonatrach leads the consortium. The Agreement covers Contract Area (95/96) Blocks 2/1, 2&4 in Ghadames basin in Libya, which the Consortium won in the Public Bid Round 4 for gas exploration.
The Consortium is committed to a minimum work program of 2000 km of 2D, 2600 km2 of 3D and (8) exploration wells, at an estimate cost of US $152 million.
The Consortium will pay a signature bonus of US $10 million one month following GPC's approval and after the effective date.
In the presence of Dr. Chakib Khelil, Minister of Energy and Mines, Republic of Algeria, the Agreement was signed by Dr. Shokri Mohamed Ghanem, NOC Chairman and executives representing the consortium. The signature ceremony was attended by NOC Management Committee Members and department managers, as well as the ambassadors of Algeria and India.
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