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BP Agrees Major Exploration and Production Deal with Libya

Source: www.gulfoilandgas.com 5/29/2007, Location: Africa

BP and the Libya Investment Corporation (LIC) signed a major exploration and production agreement with Libya's National Oil Company (NOC). The initial exploration commitment is set at a minimum of $900million, with significant additional appraisal and development expenditures upon exploration success.

BP and the LIC will explore around 54,000 square kilometres (km2) of the onshore Ghadames and offshore frontier Sirt basins, equivalent to more than ten of BP's operated deepwater blocks in Angola. Successful exploration could lead to the drilling of around 20 appraisal wells.

During this exploration and appraisal phase, BP will acquire 5,500km of 2D seismic and 30,000km2 of 3D seismic and will drill 17 exploration wells.

BP will spend $50 million on education and training projects for Libyan professionals during the exploration and appraisal period, and, upon success, a further $50 million from commencement of production. The education and training programmes will be designed and managed in partnership with the NOC.

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