Total has a 30% equity share in Block NC115 alongside Repsol (40%) and OMV (30%) and holds 24% in Block NC186 alongside Repsol (32%), OMV (24%) and StatoilHydro (20%).
The agreement provides for an extension of the contracts to 2032, by 15 years for Block NC115 and by 10 years for Block NC186, as well as a five-year extension of the exploration period on both blocks.
The agreement also includes a signature bonus and the adequacy of the EPSA contracts (Exploration and Production Sharing Agreements) signed in 1994 and 1997 with those now prevailing in Libya. The total production from these two blocks will increase from the current production of 300,000 barrels per day to a plateau level of 380,000 barrels per day.
