ExxonMobil move into Libya exploration
2008.02.28 -
Industry
On Wednesday 27/2/2008, the National Oil Corporation signed an Exploration and Production Sharing Agreement with ExxonMobil Libya limited , the Agreement covers the offshore Area (21). Under this agreement the company is committed to a minimum work program of 4,000 km of 2D, 2,000 km
2 of 3D and (1) exploration well, at a cost of 97 million US Dollars. The company will pay a signature bonus of 72 million US Dollars one month following GPC approval and after the effective date, 25 million US Dollars to fund training programs and / or scholarships during the exploration period, and 3 million US Dollars for enhancement of schools in Libya. The Agreement was signed by Dr.Shokri Mohamed Ghanem, NOC Chairman and Mr. Phillip Goss, President and General Manager. The signature ceremony was attended by senior officials from both parties as well as NOC management Committee members and oil companies executives
A new study published today by analysts Douglas-Westwood The World Deepwater Market Report 2008-2012 forecasts that nearly $25 billion will be spent annually in deepwater capital expenditure by 2012. Speaking at the Deep Offshore Technology International Conference 2007, Stavanger, today, John Westwood, Douglas-Westwood MD commented that “the deepwater oil & gas industry is set for continued growth through to 2012, with over 30% growth forecast for the 2008-2012 period when compared with the previous five years.
The Arctic will become increasingly important, not least because of oil and gas, believes Norwegian foreign minister Johan Gahr Støre. But Norway will not be planting a flag at the North Pole.
BP is today announcing proposed plans for important changes to its North Sea organisation, headquartered in Aberdeen, designed to secure a long-term future for the company's oil and gas business in the UK.
GE Energy announced today it has completed the acquisition of Sondex plc to further expand its capability and expertise in oil & gas drilling and wireline technology.
ODIM ASA has reached agreement today on acquiring ABAS Crane of Aukra and Aker Brattvaag Winch in Søvik for a total of NOK 80 million. These two companies deliver such products as special cranes, lifting systems and specialised electrical winches for ships and offshore installations
