PNGC has signed the EPSA for Blocks 1 and 2, Area 113, Murzuq Basin, with NOC, the Libyan state hydrocarbon company cum petroleum regulatory authority. PNGC secured the acreage in the 4th round which closed in December 2007. It covers 5,494 sq km on the limit of the Murzuq and Ghadames basins near the Algerian border.
Commitments call for a 3,000km two dimensional(2D) seismic data coverage, in addition to 1,500 sq km three dimensional (3D) seismic and eight wells for $108MM. Signature bonus is $ 10MM.
…NOC and ExxonMobil have signed the EPSA pertaining to the four-block, 1 0,000sq km offshore Area 21, Sirte Basin, located in water depth of 1 ,600-2,700rn. Commitments include 4,000km of 2D, 2,000 sq km of 3D seismic and one well, Signature bonus of $97MM will be paid as follows: $69MM following GPC’s approval. $28 MM more will be due later towards social technical programmes.
…NOC has ratified the awards of block 103 to Occidental (Oxy) and Block 89 to Shell. The Anglo Dutch major has committed to 1,750 sq km 3D seismic and six wells, total min. $95 MM. The signature bonus was $103 MM. Oxy and partner Liwa will go for 2,000 sq km 2D, 1,000 sq km 3D seismic and 3 wells, minimum.