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21.07.2008
Libyaninvestment.com

US independent Occidental has joined the ranks of companies who have had their contracts reworked in Libya. The company signed a 30 year agreement with the Libyan National Oil Company (NOC) to up grade its existing petroleum contracts. According to NOC, five contracts were signed between NOC and occidental.
These agreement, which are based on the heads of agreement signed in November 2007, came also as a result of negotiations carried out by NOC to enhance the terms and conditions of old agreements.
NOC said that under the new agreements occidental will spend “ large amounts on exploration, development, environment protection, training of Libyans, carbon dioxide exploration and enhanced oil recovery projects”.
According to occidental it will spend about $5 billion over the next five years in Libya, with the goal of tripling its production rates,” we believe these new agreements with NOC represent an important step toward Libya’s goal of doubling oil production to more than 3 million barrels per day in the near future,” said occidental boss Ray Irani.

[Petroleum  Africa] 


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