The National Oil Corporation, the U.S. Occidental Oil & Gas and the Austrian OMV on Monday signed five exploration, production and sharing agreement covering blocks operated by the companies.
The agreement also includes the development of ( Al-Intisar, MN 74 B region, Al-Nafoura and Ojalah) production fields, gradually increasing production to 300 thousand barrel per day within the coming five years.
The two companies, in conformity with the five agreement that will take effect as from December 1, 2007, will carry out exploration and development programs estimated at $ 12 billion, to enhance and develop oil fields they operate in Great Jamahiriya, in addition to their contribution to protect environment and supporting Libyan expertise and scientific research.
The agreement, which come as part of the principle agreement signed between the corporation the mentioned companies on November 27, 2007, was signed by Dr. Shukri Ghanem, Chairman of the National Oil Corporation, Riyad Irani, Executive Director of Oxy Oil & Gas, and Wolfgang Remp, Senior Vice-President EP OMV.