It is expected that the duration of the new exploration production sharing agreements (EPSA) will be 30 years, well beyond the expiry dates of the existing agreements. This will enable Petro-Canada to design and implement jointly with National Oil Corporation (NOC) the redevelopment of major fields and exploration programs in the Sirte basin.
Under the new agreements, Petro-Canada will pay 50% of all development capital and will receive a 12% entitlement share of production.
Ron Brenneman, president and CEO of Petro-Canada, said: Through these agreements we have achieved our long-standing objective of extending our partnership with NOC in Libya. Aligned with our strategy to invest in long-life assets, we are developing our Libyan asset base and unlocking its considerable potential.
