NOC Signs Exploration, Production Agreements with ExxonMobil

On Feb. 27, the National Oil Corporation signed an Exploration and Production Sharing Agreement with ExxonMobil Libya limited, the Agreement covers Area in an offshore basin.

The company is committed to a minimum work program of 4,000 km of 2D, 2,000 km2 of 3D and exploration well, at a cost of 97 million US Dollars.

The company will pay a signature bonus of 72 million US Dollars one month following GPC approval and after the effective date, 25 million US Dollars to fund training programs and/or scholarships during the exploration period, and 3 million US Dollars for enhancement of schools in Libya.

The Agreement was signed by Dr.Shokri Mohamed Ghanem, NOC Chairman and Mr. Phillip Goss, President and General Manager. The signature ceremony was attended by senior officials from both parties as well as NOC management Committee members and oil companies executives.