The National Oil Corporation of Libya has signed an Exploration and Production Sharing Agreement with a Consortium led by Sonatrach (Operator), Oil India and Indian Oil.
The Agreement covers Contract Area (95/96) Blocks 2/1, 2&4 in Ghadames basin, which the Consortium won in the Public Bid Round 4 for gas exploration, held on 9/12/2007.
The Consortium is committed to a minimum work program of 2000 km of 2D, 2600 km2 of 3D and (8) exploration wells, at an estimate cost of 152 million US Dollars.
The Consortium will pay a signature bonus of 10 million US Dollars one month following GPC approval and after the effective date.
In the presence of Dr. Chakib Khelil, Minister of Energy and Mines, Republic of Algeria, the Agreement was signed by Dr. Shokri Mohamed Ghanem, NOC Chairman and executives representing the consortium. The signature ceremony was attended by NOC Management Committee Members and department managers, also attended the signing ceremony, the ambassadors of Algeria and India.
