Libya-Tunisia set to ratify PSC

May 26, 1997 02:00 AM

May 5, 1997 Libya is set to ratify its first oil production-sharing contract since American trade sanctions against the country came into effect in August 1996, MEES reported.A Tunisian-based joint venture between Libya's state-owned National Oil Corporation (NOC) and Tunisia's state Entreprise Tunisienne d'Activities Petrolieres (ETAP) would ratify on May 5 an agreement for a Saudi-Malay consortium to develop offshore block "7th November" which is in Libyan-Tunisian waters. The 7th November agreement is the first production-sharing contract ratified by Libya since the D'Amato sanctions bill went into effect in August.
Saudi private firm Nimir Petroleum Company Ltd and Malaysia's state oil firm Petronas had been awarded the oil production-sharing contract to develop block "7th November" on February 1, MEES reported. It was not clear whether the development of the Libyan-Tunisian block would exceed the $ 40 million threshold of the US sanctions bill.
Nimir-Petronas would assume full responsibility for expenditure on exploration, development and operation of the fields and cost oil of 50 % will be paid back throughout the life of the field.
The Libyan-Tunisian Joint Exploration, Exploitation and Petroleum Services Company (Joint Oil), a joint venture between NOC and ETAP, would get 35-39 % of the profit oil from a discovery of approximately 300 mm b and a production level of around 100,000 bpd.
Three other upstream agreements with foreign firms were also awaiting ratification by the Libyan authorities, MEES said.

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