Kingsley Kobo, AfricaNews reporter in Abidjan, Ivory Coast
Libyan Oil Company, NOC and German's RW Dia E on Wednesday signed a contract for the exploration and sharing of products under a new formula which gives a greater percentage of the share to NOC, Pana said.
The deal was signed by NOC’s committee secretary Choukri Ghanem and RW Dia’s director of operations Ralph Tobabin.
The new oil deal makes provision for the foreign company to carry out seismic studies in three oil blocks in addition to the drilling of four prospecting wells during a period not exceeding five years.
The agreement states that RW Dia E has a share of 32 per cent to enable it recover its expenses, within a period not exceeding seven years, after which it will reduce its quota to 14 per cent for the rest of the duration of the contract.
The German company will also pay a premium of US$ 4 million for the signing of the contract within a deadline not exceeding 30 days from its adoption by the Libyan General Popular Committee.
Libya possesses oil reserves estimated at 60 billion barrels and gas reserves of 1,500 billion m3 and produces between 1.3 and 1.7 million barrels/day.
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