OMV AG said it has signed an agreement with Libya's National Oil Corporation (NOC) to extend the Austrian group's onshore exploration contracts for two blocks in the Murzuk basin.

The contract duration for blocks NC115 and NC186 have both been extended until 2032, OMV said in a statement.

OMV's partners in NC115 are Repsol YPF SA (40 percent) and Total (30 percent). OMV holds a 24 percent stake in block NC186, while Repsol holds 32 percent, Total 24 percent and StatoilHydro 20 percent.

 

OMV said the international consortium will receive a primary split of 13 percent of gross field production in NC115 and 12 percent in NC186, both on an after-tax basis.

 

The new contracts also provide for a signature bonus of a total of $1 billion for NC115 and NC186, of which OMV's share in total will be $249 million, payable

    

over three years, the group said.