|GPC Libya Approves Ovl's Participation In Block NC 188 & NC 189, New Delhi|
20 June, 2003
The General People Committee has approved OVL’s participation in Block NC 188 & NC 189 in Libya with effect from June 5, 2002.
The farm-in agreement has already been signed with overseas subsidiaries of natural oil company of Turkey and Turkish Petroleum Overseas Cooperation (TPOC) by OVL to obtain 49% stakes in these two blocks. These blocks were originally awarded to TPOC.
The formal signing of other agreements is scheduled to take place in the last week of June in Turkey.