ExxonMobil signs exploration agreement

22 November 2007
The US’ ExxonMobil has signed a headline agreement for a five-year oil and gas exploration programme on offshore acreage in the Sirte basin in the north-east of Libya.

The bilateral agreement, signed on 20 November, includes plans for an exploration and production-sharing agreement for four blocks in contract area 21, about 180 kilometres off the coast.

The blocks cover an area of 10,000 kilometres and are located in water depths of 1,650-2,650 metres. The proposed work programme includes the acquisition of 4,000 kilometres of 2D seismic data, 2,000 square kilometres of 3D seismic data and one deepwater exploration well.
Under the agreement, the US firm will pay an unspecified signing fee and provide a skills training programme for the local workforce.

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