Australian energy firm Oil Search and Brazilian oil major Petrobras have started drilling their first offshore well in Area 18 of Libya.
The joint venture expects to drill down to 4,700 metres over a 90-day period.
Petrobras operates the well with a 70 per cent interest, with Oil Search holding the remaining 30 per cent stake.
In March, Abu Dhabi's state-owned International Petroleum Investment Company (Ipic) bought a 17.6 per cent stake in Oil Search for $1.1bn making it the Australian company's largest shareholder (MEED 4:3:09).
In 2008, Oil Search sold the bulk of its Middle East and North African assets to independent exploration and production group Kuwait Energy Company for $200m (MEED 15:4:08).
It kept a stake in some developments in the region, including Area 18 in Libya, two blocks in Yemen, the Tajerouine and Le Kef permits in Tunisia, and the Bina Bawi concession in Kurdistan.
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