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Petrobras to Sign For Exploration License in Area 18 Offshore Libya

07-11-2008

Petrobras plans to sign a contract with Libya's National ‎Oil Corporation, NOC in February, to explore and possibly produce oil and gas off the ‎Libya's Mediterranean coast, the company has said.‎

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.
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Petrobras, which produces most off its oil off Brazil's coast, is specialised in deep and ‎ultra deep offshore oil exploration. Libya's Area 18 is between 660 to 2,310 feet deep, the ‎company said.