A consortium comprising Australia's Woodside Energy, Repsol of Spain and Greece's Hellenic Petroleumsigned on 1 December an exploration and production sharing agreement (EPSA) with National Oil Corporation (NOC).The EPSA covers four exploration blocks in the onshore Sirte basin and one block in the onshore Murzuq basin with a total area of 20,000 square kilometres. The 30-year agreement calls for the joint venture to invest $102 million over six years, with Woodside's expected yearly expenditure to be $8 million and Repsol's $6.5 million.
Woodside, in its first foray into Libya, is project operator with a 45 per cent interest in the venture. Repsol, which already has a presence in the Sirte and Murzuq basins, and Hellenic hold 35 per cent and 20 per cent respectively.
The exploration work involves geological studies, seismic acquisition and 13 exploration wells over six years. Included in the deal is a three-year feasibility study for the development of a remote field in the Murzuq basin.
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