A consortium led by Algeria's state energy giant Sonatrach is primed to explore a permit area in Libya after signing a production sharing agreement with Libya's National Oil Corporation.
The deal, signed in Libya by NOC and Sonatrach International Petroleum Exploration and Production (Sipex), Oil India and the Indian Oil Corporation, provides for exploration and production sharing at block 95/96 in the Ghadames basin near the Algerian-Libyan border, Sonatrach said. Sipex, the operator, is an offshoot of Sonatrach. The block was awarded to the outfit in December last year as part of Libya's first gas-focused licensing round. Libya wants to become a major gas producer and aims to increase production to 3 billion cubic feet per day by 2010, with a potential for 3.8 bcfd by 2015, compared with 2.7 bcfd now. Compared with other hydrocarbon provinces, Libya is under-developed because of years of international sanctions. Demand for its gas has been boosted as Europe seeks to curb its dependence on Russia and because gas produces relatively few of the carbon emissions blamed for global warming.
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