Total renews Libyan oil contracts
Paris, July 18, 2008
French oil major Total said on Thursday it had signed an agreement with the Libyan National Oil Corporation to renew its contracts on two blocks in the Murzuq basin.
Total said the agreement involves its stakes in the Repsol-operated blocks NC115 and NC186. Total has a 30 per cent equity share in NC115 alongside Repsol, which owns 40 per cent while OMV holds 30 percent.
In Block NC186, Total owns 24 percent. Repsol has 32 percent, OMV has 24 percent and StatoilHydro has 20 per cent.
The agreement provides for an extension of the contracts to 2032, by 15 years for block NC115 and by 10 years for block NC186, as well as a 5-year extension of the exploration period on both blocks. Production from the two blocks is also due to increase.-Reuters
More Energy, Oil & Gas Stories
- Fuel prices in Bahrain set to double by 2017
- Iraq's oil exports rise to 71.4m barrels in Nov
- MEE launches energy conservation contest
- TSL wins Jordan solar power contract
- SEC signs $366m loan for Jeddah power plant
- Kurdish oil exports 'only with Iraq approval'
- UAE launches energy conservation drive
- Rising Saudi fuel use 'bigger threat than shale'
- Dentons boosts Mideast energy practice
- India seeks Iran's financial guarantees for ships