1 July 2003
Libya licences for Repsol YPF, OMV
LIBYA'S National Oil Corporation (NOC) signed an agreement with Austrian oil and gas group OMV and its partner, Spain's Repsol-YPF, last month for exploration licences covering six onshore and offshore blocks. The blocks were put out to tender in 2000 following an oil investment conference in the Libyan capital, Tripoli. OMV has a 40% interest in the blocks with Repsol-YPF, the operator, holding 60%. The licences cover a total area of 76,700 square km and include M-1 in the Murzuk basin, S-36 in the Sirte basin, K-1 and K-3 in the Kufra basin, and O-9 and O-10 offshore the Mediterranean. The two companies have agreed to spend $90m drilling 12 exploration wells and acquiring 6,500 km of seism
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