Uchenna Izundu
International Editor
LONDON, June 26 -- Libya's National Oil Co. has signed exploration and production agreements with Occidental Petroleum Corp. and OMV AG to upgrade their existing petroleum deals (OGJ, Feb. 7, 2005, p. 35).
NOC said the companies would train Libyans and carry out enhanced oil recovery projects.
Occidental's contract covers fields with 2.5 billion bbl of high-quality oil reserves. Libya's largest land holder, Occidental owns a net working interest in nine exploration blocks in Libya covering 130,000 sq km (OGJ, Jan. 23, 2006, p. 31). It will carry out major field redevelopment and exploration programs in the prolific Sirte basin, where it operates Blocks 106 and 124.
Occidental will spend $5 billion over the next 5 years to triple its gross production to 300,000 b/d.
Contact Uchenna Izundu at [email protected]
