PT Medco Energi Internasional  estimates its oil and gas explorations in Libya will cost up to US$600 million, a company executive said. Corporate Project Director Lukman Mahfoedz said Medco and Canada-based Verenex will likely have a 50 per cent stake each in the Area 47 oil field in Libya, but the Libyan government may also want to have a stake. The oil and gas field is estimated to have a reserve of 339.5 million barrels and gas reserve of 341.5 billion cubic feet, Lukman was quoted as saying by the newspaper Bisnis Indonesia. He said the project is expected to come on stream in 2010 turning out around 50,000 barrels of crude oil per day.

[Antara]