TotalFina Acquires Interest In New Exploration Permit In Libya
RNS, November 18
TOTALFINA and its partners Repsol YPF, OMV and Saga have signed an agreement with Libya's National Oil Corporation (NOC) to explore the M-4 block in the Murzuk region of southwestern Libya. TOTALFINA holds a 24% interest while Repsol YPF holds 32%, OMV 24% and Saga 20%.
Block M-4 covers an area of around 12,300 square kilometers in the northern region of the Murzuk oil basin. It will be operated by Repsol YPF during the exploration phase.
TOTALFINA is already present in the Murzuk Basin with a 30% interest in the NC-115 block, where the El Sharara field is currently producing 150,000 b/d of high-quality oil. Output from the El Sharara field is expected to reach 200,000 b/d within the next few months.
Also in the Murzuk Basin, TOTALFINA has been a partner on blocks NC-186 and NC-187 since November 1997. Substantial seismic campaigns have been initiated on these blocks.
In addition, in the Sirte Basin in northern Libya, the Group is operator with a 75% interest in the Mabruk field, which is currently producing 18,000 b/d of oil.
The new agreement confirms TOTALFINA's interest in upstream oil segment operations in Libya and fits in with the Group's strategy to strengthen its positions in North and West Africa, which are major oil and gas provinces.
TOTALFINA own 94.93% OF Elf Aquitaine as of end of October. The two companies are awaiting approval from the European Commission to finalise their merger, and a decision is expected in mid-February 2000. Once the merger is completed, the new Group will be the largest oil and gas producer in Africa. |
