Uchenna Izundu
International Editor
LONDON, Nov. 27 -- ExxonMobil Libya Ltd. will begin exploration in four blocks within Contract Area 21 in the Sirte basin off Libya under a heads of agreement (HOA) signed with Libya's National Oil Corp. The HOA, indicating a renewed relationship with Libya, will execute an exploration and production-sharing agreement (EPSA).
Under the 5-year exploration contract, ExxonMobil will shoot 4,000 km of 2D seismic and 2,000 sq km of 3D seismic and will drill one deepwater exploration well. "The agreement also stipulates the payment of a signing fee, a training program to help upgrade the skills of nationals, and other support for education in Libya," ExxonMobil said.
Contract Area 21, spanning 2.5 million acres, is 110 miles off Libya in 5,400-8,700 ft of water.
Elsewhere in Libya, ExxonMobil has completed an environmental impact assessment and a 2D seismic acquisition program in Contract Area 44 in the offshore Cyrenaica basin, which it secured in the second round of EPSA IV licensing in 2005.
Contact Uchenna Izundu at [email protected].
