Nippon Oil Acquires Two Blocks in Libya Bid Round 2

Nippon Oil, Japan Petroleum Exploration and Mitsubishi Corporation have jointly been awarded interests in two exploration blocks (Block 2-1/2 and Block 40-3/4). The Bid Round 2 for an Exploration and Production Sharing Agreement (EPSA) was hosted by the National Oil Corporation of the Great Socialist People's Libyan Arab Jamahiriya in Tripoli.

Promising oil and gas prospects remain unexplored or undeveloped in Libya. As a part of its long-held aspirations, NOEX has been seeking opportunities to enter into Libya to expand its upstream business. Accordingly, NOEX opened its liaison office in Tripoli in September 2005 to facilitate its expansion.

For bidding in this licensing round, NOEX organized various consortiums with JAPEX and Mitsubishi Corporation, which was the first entry into upstream Oil & Gas Operations in Libya by any Japanese company.