Occidental Petroleum has signed agreements with the Libyan National Oil Corporation (NOC) to upgrade several of its existing petroleum contracts. The new agreements will be consistent with the newly established EPSA IV contractual framework now utilized in the Libyan oil industry.
The term of the new agreements will be 30 years. This will enable NOC and Occidental to design and implement major field redevelopment and exploration programs in these contract areas in the prolific Sirte Basin. For more details please click here.
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