Libya's National Oil Company (NOC) has renegotiated the terms of its production sharing agreements for various oil and gas concessions with three international companies. The deal will give the North African state a greater share in the revenues they generate.
France's Total and its partners in Libya, Germany's Wintershall and Norway's Statoil Hydro, agreed to the terms on 21 May, according to NOC.
The companies will take 27 per cent of oil production at the concessions, rather than the 50 per cent previously agreed. The foreign partners will receive a 40 per cent share in gas production, later to be reduced to 30 per cent, instead of the 50 per cent of their original agreements.
The renegotiated agreements cover production at the C17 block operated by Total and Statoil, and the C137 block operated by Total and Wintershall.
NOC said in March it would renegotiate production sharing agreements with international firms because of "difficult financial and economic circumstances" (MEED 3:3:09).
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