Nippon Oil Corporation announced that Nippon Oil Exploration Limited ("NOEX") , its upstream arm and a wholly owned subsidiary, successfully concluded the Exploration and Production Sharing Agreement ("EPSA") for Area 2 Block 1 & 2 with National Oil Corporation ("NOC"), the state oil company of Libya.
Following the award of the blocks by NOC in the 2nd bidding round for EPSA held on October 2, 2005, NOEX has conducted various activities in preparation for signing the EPSA in order to enable NOEX to commence the exploration activities under EPSA in a timely manner.
Partners in the blocks are: NOEX (90%: Operator) and Mitsubishi Corporation (10%).
The signing ceremony for the Exploration and Production Sharing Agreement for Area 40 Blocks 3 & 4, another production sharing agreement that NOEX was awarded in the 2nd bidding round, was held on December 4, 2005.
Partners in the blocks are: NOEX (38%), Japex Libya Ltd. (42%: Operator) and Mitsubishi Corporation (20%).
