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22.05.2005
Libyaninvestment.com

 Article (1)

To agree on the basis of the signed agreement dated 10.12.2007 between NOC and Petro Canada company  to amend exploration  and production sharing agreements (EPSA) and to be transferred to sharing agreement mode of the contracted fourth round through public announcement, as follows:

  • Sharing agreement in concession contracts (9,10,11,12,13,57,72) and its amendments.
  •  EPSA agreement  signed on 19.4.1992 between NOC and IBLL Company and its amendment of some blocks apart from it (177 mm Alnaga Field).

With conditions stated in NOC secretary’s letter dated 12.12.2007 referred to and according agreement.

Article (2)

The agreement include amendment of agreements referred to in the first article of this decision, its annexes and any prevailing amendments since its signature including relinquishment of Veba Oil and Gas Company of its rights and obligations in the mentioned concession and in flame unit of Emerada, pipelines system and utilities to Petro Canada and relinquishment of 1BLL Company and Londin investment company of rights and obligations in EPSA agreement signed on 19.4.1992 to Petro Canada Company.

Article (3)

NOC is authorized to sign the final agreements and its execution date will be 01.01.2008.

Article (4)

This decision to be applied from date of issue and to be executed by concerned authorities

GPC
issued : 21.04.2008

 

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