A consortium led by Algeria's Sonatrach state energy conglomerate signed an accord with Libya's National Oil Corporation (NOC) on Sunday to explore a permit area in Libya, Sonatrach said.
The agreement, signed in Libya by NOC and Sonatrach International Petroleum Exploration and Production (SIPEX), India's Oil India Ltd and the Indian Oil Corporation, provides for exploration and production sharing at block 95/96 in the Ghadames basin near the Algerian-Libyan border, Sonatrach said in a statement on its website.
SIPEX, the operator, is a unit of Sonatrach. The block was awarded to Sonatrach in December 2007 in Libya's first gas-focused licensing round. Libya wants to become a major gas producer and aims to increase production to 3 billion cubic feet per day (bcfd) by 2010, with a potential for 3.8 bcfd by 2015, compared with 2.7 bcfd now.
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