Punj Lloyd wins Libyan oil rig contract

22 September 2008
India’s Punj Lloyd has won a $42m contract from Libya’s Waha Oil Company consortium for the provision of two onshore rigs in the Sirte basin.

Waha - a joint venture between the state-run National Oil Company (NOC) and three US firms, Amerada Hess, ConocoPhillips and Marathon Oil - is the second largest crude producer in the country.

Punj Lloyd says the contract requires drilling exploratory wells in the Gialo oil field of the Sirte basin, one of four fields which produce about 350,000 barrels a day (b/d) of oil.

The Indian firm has previously won a deal from Sirte Oil Company for two separate pipeline projects.

Earlier in 2008, the NOC signed five exploration and production-sharing agreements with the US' Occidental Petroleum and Austria's OMV, covering exploration, carbon dioxide storage and enhanced oil recovery projects in the country (MEED 23:6:08).

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