Petrobras, which produces most off its oil off Brazil's coast, is specialized in deep and ultra deep offshore oil exploration. Libya's Area 18 is between 660 to 2,310 feet deep, the company said.
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Petrobras To Explore In Libya
Petrobras intends to sign in February a contract with Libyan National Oil Corporation
Brazil's state-owned oil giant Petrobras intends to sign in February a contract with Libya's National Oil Corporation to explore and possibly produce oil and gas off the African country's Mediterranean coast, the company said yesterday.
Petrobras Energia Participaciones SA has a 70 percent stake in a consortium that won a bid for Area 18 exploration and production block off the Libyan coast, the company said in a statement. Its partner in the consortium is Oil Search Ltd., an Australian-listed company with the bulk of its production in Papua New Guinea.
Petrobras will invest at least $21 million during a five-year exploration phase, followed by a 25-year phase of shared production rights with Libya's National Oil Corporation.
Petrobras, which produces most off its oil off Brazil's coast, is specialized in deep and ultra deep offshore oil exploration. Libya's Area 18 is between 660 to 2,310 feet deep, the company said.
Petrobras, which produces most off its oil off Brazil's coast, is specialized in deep and ultra deep offshore oil exploration. Libya's Area 18 is between 660 to 2,310 feet deep, the company said.
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