The new agreements, which cover fields with approximately 2.5 billion barrels of recoverable high-quality oil reserves, allow the Libyan National Oil Company (NOC) and Occidental to design and implement major field redevelopment and exploration programs in the prolific Sirte Basin.
After capital investment of approximately $5 billion over the next five years, gross production is expected to triple from current production to 300,000 barrels per day.
Occidental Petroleum (Oxy) began operations in Libya in 1965 and continued operating until US sanctions were imposed in 1986. Oxy was the first US company to resume oil operations in Libya after the sanctions were lifted in 2004.
Ray Irani, Oxy’s chairman and CEO, said: We believe these new agreements with NOC represent an important step toward Libya’s goal of doubling oil production to more than three million barrels per day in the near future.
