The Libyan National Oil Company (NOC) and the Polish Oil and Gas Company signed an agreement on Monday in Tripoli on gas exploration and production sharing. The agreement focuses on production sharing at Block 113, situated at the basin of Morzuk, southern Libya, whose contract was awarded to the Polish company during the fourth round of a gas exploration and production forum. The Polish oil and gas company will execute an exploration programme comprising a two-dimensional seismic study over an area of 3,000 square kilometres and a three-dimensional seismic study over a surface area of 1,500 square kilometres in addition to the borehole of eight exploration wells at the cost of 108 million US dollars.
The Polish company will pay a signing allowance of 10 million dollars within one month as from the coming into force of the agreement.
