Total signs agreement on Libyan blocks

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.

Feb 11th, 2009

Uchenna Izundu
International Editor

LONDON, Feb. 11 -- 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 production from the offshore Al Jurf field on Block C137 and from the Mabruk field on Block C17 in the Sirte Basin, Total operates other exploration licenses in Libya.

Last year, Total's equity production, which also includes its interests in non-operated blocks, averaged around 75,000 b/d in Libya.

Contact Uchenna Izundu at uchennai@pennwell.com.

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