Total signs agreement on Libyan blocks

02/23/2009
Total SA will convert its petroleum agreements with Libya’s National Oil Corp. (NOC) to exploration and production sharing agreements (EPSA) for Blocks C17 and C137 in Libya.The parties signed a memorandum of understanding underscoring the move to the EPSA IV (exploration and production-sharing agreement) format.The acreage is respectively located in the Sirte basin and the offshore Sabratha basin 100 km from the Libyan coast.Mabruk Oil Operations, a subsidiary of Total, operates the blocks. The shareholders in Block C17 are NOC with 50%, Total with 25%, and StatoilHydro with 25%. Partners in Block C137 are NOC with 50%, Total with 25%, and Wintershall with 25%.In addition to produc...
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