The new terms were introduced by Libya's National Oil Corporation (NOC) on 10 May 2000.137 blocks were offered in this "Bidding Round" covering a total area of 835,500 sq km,or almost 70% of Libyan territory.The blocks were both onshore and offshore and in the most prospective basins such as Sirte,Ghadames,Murzuq,Cyrenaica,and Tripolitaina.The new agreement is designed to be more attractive than those of earlier EPSAs.Essentially,it provides for exploration,appraisal,and development and production costs to be recovered very quickly from a proportion of output and for profit oil to be split on a sliding scale.The major features of the new EPSAs are as follows:
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