ExxonMobil signs Libya exploration agreement
Offshore staff
IRVING, Texas –Exxon Mobil Corp. has signed a heads of agreement for an Exploration and Production Sharing Agreement with Libya's National Oil Corp. to explore offshore Libya in the Sirte basin.
The agreement covers four blocks totaling 2.5 million acres in Contract Area 21 110 mi (177 km) offshore with water depths from 5,400 to 8,700 ft (1,646 to 2,562 m).
ExxonMobil Libya Ltd. has agreed to a five-year program of at least 4,000 km (2,485 mi) of 2D seismic acquisition, 2,000 sq km (772 sq mi) of 3D seismic, and one exploration well.
Elsewhere in Libya, ExxonMobil has completed an Environmental Impact Assessment and a 2D seismic acquisition 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. The company has commenced a seismic program in Contract Area 20 in the Sirte basin, which was awarded to the company in the third round of EPSA IV earlier this year.
11/20/2007