By OGJ editors
HOUSTON, June 5 -- National Oil Corp. of Libya has contracted Repsol-YPF SA of Spain, as operator, and partner OMV AG of Austria to undertake the exploration of six blocks onshore and off Libya.
The agreement covers exploration package 1, which contains a total area of 76,700 sq km in four areas: Murzuk basin (Block M1), Sirte basin (Block S36), Kufra basin (Blocks K1 and K3) and offshore (Blocks O9 and O10). In a 6 year, $90 million exploration program, OMV and Repsol-YPF agreed to drill 12 exploration wells and acquire 6,500 km of seismic lines.
Repsol-YPF holds 60% interest, and OMV will hold the remaining 40% interest.
