IRVING, Texas -- Exxon Mobil Corp. subsidiary ExxonMobil Libya Ltd. has signed an exploration and production-sharing agreement (EPSA) with Libya's National Oil Corp. to initiate exploration in the Sirte basin offshore Libya.
The agreement includes four blocks in Contract Area 20, about 161 km (100 mi) off the Libyan coast. The blocks were awarded to ExxonMobil in the third round of EPSA IV licensing in December. The contract area comprises more than 1 million hectares (2.5 million acres) in water depths ranging from 1,219 m to more than 1,981 m (4,000-6,500 ft).
"We are pleased that we were awarded a contract area for exploration," said Phil Goss, president and general manager of ExxonMobil Libya Ltd. "ExxonMobil has a long history of successful achievements in Libya and we look forward to working together with the NOC and Libyan government for renewed success with these new areas."
ExxonMobil is in the early stages of an exploration program in Contract Area 44 in the offshore Cyrenaica basin, which was awarded to the company in the second round of EPSA IV licensing in 2005. A 2D seismic acquisition program is under way.