Signing of Exploration, Production and Sharing Agreements between NOC and Oxy Libya Oil & Gas & OMV

Source: www.gulfoilandgas.com 6/23/2008, Location: Africa

NOC signed five EPSA'S with Oxy Libya Oil & Gas and OMV. These EPSAs cover all blocks being operated by these companies and will take effect as of 1st December 2007. These Agreements which are based on the Heads of Agreement signed with the above mentioned companies on 24th November 2007, came also as a result of negotiations carried out by NOC to enhance the terms and conditions of old agreements. Under these new EPSAs the Companies will spend large investing amounts on exploration, development, environment protection, training of Libyans, carbon dioxide exploration and enhanced oil recovery projects. The signature ceremony was attended by NOC Chairman and Management Committee Members, Negotiation Committee teams, a number of oil companies chairmen and other senior officials from NOC, Oxy & OMV.


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