GDF Suez to acquire 20% of Libyan PSA
GDF Suez has acquired from the Greek integrated energy group Hellenic Petroleum a 20% stake in an exploration-production license in Libya.
PARIS, Sept. 23 -- GDF Suez has acquired from the Greek integrated energy group Hellenic Petroleum SA a 20% stake in an exploration-production license in Libya alongside operator Woodside Petroleum Ltd. and Repsol-YPF SA. Approved by Libya's National Oil Corp., the transaction must yet be ratified by the Libyan Parliament.
With this license, GDF Suez becomes an upstream player in Libya for the first time. Since 2001 it has purchased 2 billion cu m/year of natural gas from Libya through Italy's Eni SPA.
The oil and gas license involves exploration of five onshore blocks in the Sirte basin and one block in the Murzuq basin covering a total of 20,129 sq km. The PSA contains an option to negotiate for appraisal and development of a seventh block, also in the Murzuk basin. Within this license area are proved oil and gas discoveries and considerable discovery potential, the company said.