Libya's state-owned National Oil Company (NOC) said yesterday, Sunday, it had awarded a $102.2 million oil and gas exploration contract to a consortium, which includes Australian, Greek and Spanish companies.
Under the accord signed at the NOC headquarters in Tripoli, the consortium will search for oil and gas in the block M15 in the Marzouk area and blocks 515, 542, 550 and 564 in the region of Syrte. The consortium comprised of Spanish energy company Repsol, Australia's Woodside Petroleum Ltd and the Greece based Hellenic Company.
The exploration programme includes 2D and 3D seismic studies and drilling 13 exploration wells over an acreage totalling 6,500 square kilometres (4,062 square miles). The deal will involve an investment of $102.2 million on top of $2.0 million to be paid by the consortium for the cost of studies already completed to gauge the potential of the blocks that would be explored.