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