Libya is offering 22 acreages in its first open licensing sale since 2007.
The acreages, earmarked for exploration and development include 11 Offshore and 11 Onshore tracts, with “areas with undeveloped discoveries estimated to contain a minimum of 2.0Billion Barrels of Oil Equivalent (BBOE) in hydrocarbon resources”, the state hydrocarbon company, NOC, said in a release.
“To support this initiative, we have prepared comprehensive geological and geophysical datasets using the latest digital tools”, the NOC continued, adding that the country holds an estimated 91BBOE) in undiscovered hydrocarbon resources.
“Interested companies will have instant access to principal and optional datasets, which will be available for review and purchase through a Virtual Data Room (VDR). This bid round is particularly significant as the Ministry of Oil & Gas and the National Oil Corporation introduce a new Production Sharing Agreement (PSA) model, featuring attractive fiscal terms designed to encourage investment in Libya’s oil industry”, the NOC explained.
The 11 offshore blocks, said to host 32 wells with seven discoveries, cover a total of 128,714 square kilometers and are situated across three areas.One (1) block is located in the Sabratha Basin.
Three (3) in the Sirte Basin,
Seven (7) in the area offshore the Cyrenaica platform.
The Cyrenaica, which is north eastern Libya, is the southern margin of Mediterranean Sea and on the northern margin of the African late. The upper Cretaceous and Tertiary rocks of Cyrenaica are believed to contain several potential reservoir and seal rocks, but they are largely underexplored.
By awarding seven acreages in this area, the Libyan government is determined to test the prospectivity of this Libyan segment of the Mediterranean sea.
Libya’s partnership preferences are European and other international players with which it wants to establish strategic partnerships under a production sharing agreement (PSA) model to produce 2-3Million barrels of oil equivalent per day (MMBOEPD) in the next four years.
This bid round is particularly significant as the Ministry of Oil & Gas and the National Oil Corporation introduce a new Production Sharing Agreement (PSA) model, featuring attractive fiscal terms designed to encourage investment in Libya’s oil industry.
