Libya seeks to increase oil production to 3 million barrels a day by 2013, from 1.74 million barrels a day now, and gas output from 2.7 billion cubic feet a day currently to 3.8 billion cubic feet a day in 2015, as Europe demands more fuel from North Africa to reduce dependence on Russia.
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Exxon to Exlpore in Libya, Investing $197 mln
Libya has signed an agreement on exploration and production rights to Exxon Mobil Corp
Libya has signed an agreement on exploration and production rights to Exxon Mobil Corp., Libyan state National Oil Corp. said.
Exxon will spend $97 million on exploration and production in an offshore area called Bloc 21 and will pay $72 million when the accords are approved by the government, National Oil said.
Exxon will pay a further $25 million to fund training programs during the exploration period and $3 million for Libyan schools.
Libya seeks to increase oil production to 3 million barrels a day by 2013, from 1.74 million barrels a day now, and gas output from 2.7 billion cubic feet a day currently to 3.8 billion cubic feet a day in 2015, as Europe demands more fuel from North Africa to reduce dependence on Russia.
Libya seeks to increase oil production to 3 million barrels a day by 2013, from 1.74 million barrels a day now, and gas output from 2.7 billion cubic feet a day currently to 3.8 billion cubic feet a day in 2015, as Europe demands more fuel from North Africa to reduce dependence on Russia.
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