ExxonMobil signs Libyan exploration agreement for offshore Sirte Basin

by PegNews wire

IRVING — Exxon Mobil Corporation today said that its subsidiary, ExxonMobil Libya Limited, signed a heads of agreement to execute an Exploration and Production Sharing Agreement (EPSA) with Libya's National Oil Corporation to initiate exploration activity offshore Libya in the Sirte Basin.

The agreement includes four blocks located in Contract Area 21, approximately 110 miles off the Libyan coast. The contract area comprises 2.5 million acres and is situated in water depths ranging from approximately 5,400 feet to more than 8,700 feet.

"We are pleased that we have reached an agreement with National Oil Corporation of Libya in Contract Area 21 as we believe this to be one of the most prospective unlicensed areas in the Libyan offshore," said Phil Goss, president and general manager of ExxonMobil Libya Limited. "We expect to realize substantial technical, operational and cost reduction synergies with ExxonMobil deepwater exploration efforts in the adjacent Contract Area 20."

Source: ExxonMobil