No Result
View All Result
Friday, December 1, 2023
22 °c
Tripoli
22 ° Sat
18 ° Sun
18 ° Mon
18 ° Tue
  • Advertising
  • Contact
LibyaHerald
Advertisement
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

NOC and Wintershall implement 2010 oil deal, convert it to EPSA IV format

bySami Zaptia
December 14, 2019
Reading Time: 2 mins read
A A
29
SHARES
124
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

(Logo: NOC).

London, 14 December 2019:

Libya’s state National Oil Corporation and Wintershall Aktiengesellschaft (WIAG) agreed to implement a 2010 deal which involves converting Wintershall’s Sirte Basin concession to an EPSA IV format.

The deal involves the establishment of the Sarir Oil Operations Company (SOOC), to which operations will be transferred in mid-2020.

Wintershall will carry out exploration activities at its own cost and bear half of the development cost as well as fund US$ 150 million USD for corporate social responsibility and sustainable development programmes and projects.

RELATED POSTS

NOC chairman Bengdara says his organisation is not a security force to combat fuel smuggling

Sirt Oil’s first methanol plant begins operations after years of shutdown

The agreement is an old agreement signed on August 26, 2010 between the NOC and Wintershall (WIAG) for two EPSAs for Areas 91 and 107 in the Sirte Basin.

The agreement for the conversion of WIAG’s Concessions 96 and 97 to EPSA IV format takes retroactive effect as of 1 January 2008. The agreement on concessions for Area 91 (previously named Area 96) is extended till the year 2036 and for Area 107 (previously named Area 97) until the year 2037.

NOC and WIAG will establish a joint operating company (JOC) named Sarir Oil Operations Company (SOO). WIAG will be responsible for operations in the areas included in the contracts for a transitional 6-month period, after which SOO will assume operational responsibility in both areas.

Pursuant to this agreement, WIAG will carry out exploration work, including drilling two wildcat wells in Area 107 and one in Area 91.

WIAG will also pay a 100 million USD signature bonus for the two agreements in addition to 50 million USD over a period of 10 years for corporate social responsibility and sustainable development programmes and projects which will be managed by NOC.

NOC Chairman Mustafa Sanalla said: “NOC is proud to be a true and faithful guardian of the oil wealth to the Libyan people. We are pleased to start a new chapter of cooperation with WIAG, which has been operating in the Sirte Basin since 1966.”

 
Tags: 2010 EPSA IVEPSA exploration production sharing agreementfeaturedNOC chairman Mustafa SanallaNOC National Oil CorporationWintershall
Share12Tweet7Share2

Related Posts

The International Forum & Exhibition for Free Zones – Misrata: 28 to 29 June at Misrata Free Zone
Business

Misrata Free Zone signs MoU with Antwerp port

November 30, 2023
Libya and Shell discuss several areas of cooperation
Business

Minister of Oil discusses return of Chinese companies with Chinese Chargé d’Affaires

November 30, 2023
Workshop on PPP investment in oil and gas – Tripoli, 20 to 21 November
Business

LCOGRE releases its workshop recommendations for increased private sector participation in oil sector

November 30, 2023
Economy Minister Hwej reviews his ministry’s implementation of its 2023 plan and issues several directives
Business

Economy Minister Hwej meets committee to determine the gap between supply and demand for foreign currency and strengthen the Libyan dinar

November 29, 2023
Raqameyon launches pilot tech education platform to digitise primary education in Libya
Business

Raqameyon launches pilot tech education platform to digitise primary education in Libya

November 29, 2023
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Business

Tourism Ministry participates in Tunisia Entrepreneurship Forum, emphasizes opportunities in Libyan tourism

November 29, 2023
Next Post

2,500 barrels per day added production at Mellitah’s Abu Attifel oilfield

NOC Ghani field resumes production with 8,000 barrels per day

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • LBC signs MoU at Arab-British Economic Summit in London

    LBC signs MoU at Arab-British Economic Summit in London

    172 shares
    Share 83 Tweet 37
  • NOC chairman Bengdara hosts the influential Economic Salon, reforms discussed and some agreed – an expanded meeting to be held

    110 shares
    Share 45 Tweet 27
  • Over 25,000 e-stores with turnover in hundreds of millions operating in Libya without licence

    66 shares
    Share 26 Tweet 17
  • LIA frees its last French-based assets under court seizures

    66 shares
    Share 27 Tweet 16
  • Spanish Embassy opens Schengen visa application centre in Tripoli

    213 shares
    Share 85 Tweet 53
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

UNDP training lawyers to implement legislation and safeguard the democratic processes

Misrata Free Zone signs MoU with Antwerp port

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?