World Tribune.com

ExxonMobil wins offshore oil deal with Libya

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.


Copyright © 2007 East West Services, Inc.

Print Article Print this Article Email this article Email Article Subscribe to this Feature Headline Alerts Subscribe to this Feature RSS/XML


Google
Search Worldwide Web Search WorldTribune.com