|OVL signs Agreement to operate in Libyan Deepwater Area|
08 March, 2007
ONGC Videsh Ltd. signed Exploration and Production Sharing Agreement (EPSA) with National Oil Corporation of Libya for Contract Area 43 on 5th March 2007 at Tripoli. The Contract Area 43 was awarded to OVL in the recently concluded 3rd Bid Round. The Contract Area consisting of four blocks measuring total area of 7,449 sq km located in Cyrenaica offshore in the Mediterranean Sea. The block boundaries extend from the coastline to the water depth of about 2,200 m.
For the Contract Area 43, OVL has work programme of acquiring new seismic data minimum of 1000 km of 2D and 4000 sq. km. of
3D and drilling of one exploratory well during the exploration phase of five years. Presently about two third of the Contract Area has sparse coverage of 2D seismic data which was acquired earlier. There is also an exploration well drilled at the south west boundary in shallow water which had established presence of hydrocarbon.
The EPSA was signed by Dr G. N. Rao, who is the Country Manager of OVL posted in Libya. While countersigning the agreement NOC chairman Mr. Sukri Ghanem has expressed his
desired to expand bilateral relationshi with India and recalled his meeting with Mr. Murli Deora, the Hon. Minister of Petroleum and Natural Gas on his visit to Libya. He has also indicated to visit the country sometime in 2007.
OVL made first entry in Libya in June 2003 through acquiring 49% participating interest in block NC-188 (located in Ghadames basin) and NC-189 (Sirte basin) from Turkish Petroleum Overseas Company, and later won Block 81-1 (located in Ghadames Basin) with sole rights and operator ship in the 2nd Bid Round in 2005. The Branch office was opened by OVL in Tripoli in January 2006.