ExxonMobil wins offshore oil deal with Libya
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SPECIAL TO WORLD TRIBUNE.COM
Tuesday, February 20, 2007
WASHINGTON — ExxonMobil has reported that its subsidiary was awarded
a project to explore for oil off the coast of Libya.
The subsidiary, ExxonMobil Libya, has signed an Exploration and
Production Sharing Agreement with Libya's National Oil Corp. to
initiate exploration activity offshore Libya in the Sirte Basin. The accord
includes four blocks located in Contract Area 20, 160 kilometers off the
Libyan coast, Middle East Newsline reported.
Executives said the contract, awarded in the third round of licensing in
December 2006, comprises an area of 2.5 million acres. They said the
exploration area was in water with a depth of between 4,000 feet to more
than 6,500 feet.
ExxonMobil reported that it was in the early stages of an exploration
program in Contract Area 44 in the offshore Cyrenaica Basin. The company was
awarded the area in 2005.
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