Austria’s OMV AG (OMV.VI) signed an 30-year agreement with the Libyan Oil Corporation, or NOC, revising and upgrading several of its existing petroleum contracts to the newly established EPSA IV contractual framework, OMV said.
The new agreement’s duration will be 30 years and will enable OMV and Occidental Petroleum (OXY) to design and implement some major field redevelopments and exploration programs, in cooperation with the Libya NOC, for the jointly owned production fields in the prolific Sirte Basin.
The planned investments amount to about $5 billion (OMV share: 12.5%) over the next 5 years for the redevelopment of producing oil fields and the expansion of exploration activities in the Sirte Basin.

(Zawya)