On Sunday, November 30, in Tripoli, Libya, the consortium comprising the companies WOODSIDE ENERGY of Australia (45%), REPSOL of Spain (35%) and HELLENIC PETROLEUM (20%) signed an agreement with the Libyan National Petroleum Organization for exploration and production of hydrocarbons in six onshore regions of northwestern Libya. Libya’s proven deposits are known to amount to 30 billion barrels of oil and 47 trillion cubic feet of natural gas.
The agreement provides for a six-year phase of exploration in the six regions, covering an area of 20,000 sq. km., with WOODSIDE ENERGY acting as the operator of the consortium. The first phase will include geological and seismic studies and 13 exploration drillings. The budgeted cost for the consortium will exceed US $110 million.
Additionally, the agreement provides for a three-year study for the development of the ATCHAN deposit in western Libya and possible commercial operations in the following three-year period.
The members of the consortium have agreed on joint commercial operations in possible natural gas deposits.
WOODSIDE ENERGY is Australia’s largest company in the hydrocarbon exploration and production sector. It manages the biggest project in liquefied natural gas, natural gas, condensates and crude oil in northwestern Australia. Its core activities are in Australia and the United States, while in Africa it focuses its interest in Mauritania, the Canary Islands, Algeria, Kenya and Libya.
Dr. Agu Kantsler, WOODSIDE’s New Business Ventures manager, expressed, among other things, his company’s full satisfaction with the consortium, stressing that the presence of HELLENIC PETROLEUM and REPSOL adds to the consortium their considerable experience in Libya and the European energy market.
REPSOL YPF is a vertically integrated petroleum company, operating in more than 25 countries and a market leader in Spain and Argentina. It is one of the l0 largest private energy companies worldwide and covers the full spectrum of activities in hydrocarbon exploration and operations, such as production, refining, transportation and distribution, as well as marketing of petroleum products, natural gas and petrochemicals. It is already active in hydrocarbon operations in Libya.
It is made clear that the above consortium is independent of the consortium comprising HELLENIC PETROLEUM S.A. (37.5%), SIPETROL UK (37.5%) and OIL SEARCH AUSTRALIA (25%), which has also submitted a bid for five exploration areas in Libya, in the framework of the country’s «NEW EPSA ROUND 2000» Round of Concessions.
The HELLENIC PETROLEUM group, always in the framework of its operational and development program, will continue to assess business opportunities in the development and production of hydrocarbons in various regions in southeast Europe, the Caspian Sea and the Mediterranean, in partnership with other international and/or local companies.
On this basis, the Albanian government has conceded three land regions of Albania with possible oil deposits to the consortium comprising OMV (51 percent) and HELLENIC PETROLEUM (49%).
Additionally, HELLENIC PETROLEUM has acquired hydrocarbon exploration and production rights in possible oil deposit sea areas of Montenegro, through the acquisition of JUGOPETROL AD KOTOR. A consortium comprising JUGOPETROL (60%) and Britain’s RAMCO (40%) is currently conducting exploration research in these areas.