Libya's NOC Takes Bigger Bite of Total's Oil Fields
Total has announced the signature of a MOU with Libya's National Oil Corporation (NOC) converting the existing Petroleum Contracts covering the Blocks C17 and C137, operated by its subsidiary Mabruk Oil Operations, to EPSA IV format.
The blocks are respectively located in the onshore Sirte Basin and the offshore Sabratha Basin around 100 kilometers from the Libyan coast.
Total has a 75% working interest of the Second Party share in each block, with StatoilHydro holding the remaining 25% of Block C17 and Wintershall the remaining 25% of Block C137.
Total takes the opportunity to reinvigorate its investment policy in Libya and positions itself as a strategic and privileged partner over the long term.
In addition to production from the offshore Al Jurf field in Block C137 and from the Mabruk field in Block C17 in the Sirte Basin, Total operates a number of other exploration licenses in Libya.In 2008, Total's equity production in Libya, which also includes its interests in non-operated blocks, averaged around 75,000 barrels of oil per day. In the EPSA system, foreign companies (Second Party) hold together 50 % of the working interest, NOC holds the remaining 50%.
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)
Company: Wintershall more info
Operates 4 Offshore Rigs
- Sharp Fall In Applications For Norway's Arctic Oil Permits (Dec 05)
- Libya's NOC, Wintershall Strike Interim Deal To Resume Output (Jun 13)
- BASF Sees Role of Oil and Gas Unit Declining Further (May 12)
Company: Libyan National Oil Corporation (NOC) more info
- NOC: Libya Needs A Week To Repair Blown-Up Oil Pipeline (Dec 27)
- Engineer: Libya's Sharara Oilfield Still Shut Due To Action By Armed Brigad (Oct 03)
- Libya Oil Output Drops to 5-Month Low on Biggest Field Halt (Oct 02)
Company: StatoilHydro more info
Operates 34 Offshore Rigs
- Samsung Heavy Industries Lands Statoil FSU Construction Contract (Sep 14)
- First Movers in Eco-Drilling: Going 'Dope'-less (Apr 25)
- StatoilHydro Delays Hammerfest LNG Start Up (Nov 23)