Signature of an agreement with Libyan National Oil Corporation to renew NC115 and NC186 contracts

abarrelfullabarrelfull wrote on 09 Jul 2014 11:56

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July 17, 2008

Total confirms that an agreement has been signed for Repsol operated blocks NC115 and NC186 with Libya's National Oil Corporation (NOC) in the Murzuq basin, onshore Libya, some 700 kilometres south of Tripoli.

The blocks contains the El Sharara Oil Field

Total has a 30% equity share in Block NC115 alongside Repsol (40%) and OMV (30%) and holds 24% in Block NC186 alongside Repsol (32%), OMV (24%) and StatoilHydro (20%).

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. The agreement also includes a signature bonus and the adequacy of the EPSA contracts (Exploration and Production Sharing Agreements) signed in 1994 and 1997 with those now prevailing in Libya.

The total production from these two blocks will increase from the current production of 300,000 barrels per day to a plateau level of 380,000 barrels per day.

Total is committed to participating in Libya’s ambitious oil and gas development strategy. The Group is operator of the Al Jurf offshore field and the Mabruk field in the Sirte Basin, in addition to several exploration permits. In 2007, Total's equity production in Libya amounted to 87,000 barrels of oil per day, slightly up from the levels recorded in 2006 and 2005.

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