Libya Signs EPSA with Tatneft

Libya's National Oil Corp. (NOC) last week signed an exploration production and sharing agreement (EPSA) with the Russian company Tatneft. The deal covers the following contract areas:

--(1) – 82 at Ghadames Basin
--(4, 2) – 98 at Ghadames Basin
--(1, 2, 3, 4) – 69 at Sirte Basin

Tatneft obtained all the above areas through Libya's Third Bidding Round. Under this EPSA, Tatneft will drill 16 wells and carry out seismic surveys for 2,000 km (3D) and 9,500 km (2D).

Tatneft previously obtained Block No. (4) – 82 through the Second Bidding Round.