French oil major Total SA (TOT) announced Tuesday the signature of a Memorandum Of Understanding, or MOU, with Libya's National Oil Corporation, or NOC, converting the existing Petroleum Contracts covering the Blocks C17 and C137, operated by its subsidiary Mabruk Oil Operations, to EPSA IV format.
The blocks are respectively located in the onshore Sirte Basin and the offshore Sabratha Basin around 100 kilometers from the Libyan coast.
Total has a 75% working interest of the Second Party share in each block, with StatoilHydro holding the remaining 25% of Block C17 and Wintershall the remaining 25% of Block C137.
Total takes the opportunity to reinvigorate its investment policy in Libya and positions itself as a strategic and privileged partner over the long term.
In addition to production from the offshore Al Jurf field in Block C137 and from the Mabruk field in Block C17 in the Sirte Basin, Total operates a number of other exploration licenses in Libya.
In 2008, Total's equity production in Libya, which also includes its interests in non-operated blocks, averaged around 75,000 barrels of oil per day.