Libya, Turkey sign geological, geophysical MoU on four offshore areas, NOC says
TRIPOLI, June 25 (Reuters) - Libya's National Oil Company (NOC) had signed a memorandum of understanding with Turkish state oil company TPAO to conduct a geological and geophysical study of four offshore areas, NOC said on Wednesday.
"Discussions were also held regarding conducting a two-dimensional seismic survey (10,000 km long), and processing the data resulting from these surveys within a period not exceeding 9 months," Libya's state oil firm said in a statement.
NOC said the agreement was signed in Istanbul by the two companies' executives., It provided no further details.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
13 hours ago
- Daily Mail
Centrica sizing up 15% Sizewell nuclear stake
The owner of British Gas is reportedly preparing to take a 15 per cent stake in the new nuclear power plant Sizewell C. The investment would mean Centrica has about the same size of stake in Sizewell C as French energy giant EDF, the Financial Times reported. EDF, which owns and runs Britain's nuclear facilities, and the Government were the first backers of the project. But they have been trying to raise billions more from prospective investors, including Centrica. A spokesman for the firm said it would not comment on speculation about acquisitions or investment. Sizewell C will power the equivalent of 6m homes and is scheduled for operation in the 2030s, the Government said.
Reuters
14 hours ago
- Reuters
Petroperu accelerates talks for Amazon oil block partner
LIMA, June 27 (Reuters) - Peru's state-run oil company Petroperu is in talks with five firms, including Canada's PetroTal ( opens new tab and U.S.-based Upland Oil and Gas, as it seeks a partner to reactivate a key Amazon oil block, a company executive said late Thursday. Tomas Diaz, manager of Petroperu's exploration and exploitation unit, told Reuters the company expects to reach an agreement for Lot 192 by mid-to-late July. The reactivation of Lot 192, located near the border with Ecuador, is crucial for supplying Petroperu's newly modernized Talara refinery. The company is grappling with a financial crisis and significant debt following a $6.5 billion overhaul of the plant. "We are in a direct negotiation process," Diaz said, adding that a meeting with PetroTal is scheduled for next week. "We expect to select our operating partner in about two weeks; it will then be presented to Petroperu's board for approval." PetroTal and Upland Oil and Gas did not immediately respond to requests for comment. Petroperu, which holds a 39% stake in Lot 192, has been searching for a new partner since April after Altamesa Energy Canada, which held the remaining 61%, withdrew from the project amid debts to suppliers and local communities. Diaz stated that any new operator must honor existing service agreements with community-owned companies in the area. Oil firms in the Peruvian Amazon often face conflicts with indigenous communities demanding local jobs and greater social investment. Petroperu expects the block to produce up to 12,000 barrels per day (bpd) within six months of restarting. That output could rise to around 21,000 bpd after the new operator completes a drilling program. Diaz also confirmed that Petroperu is in separate talks with PetroTal to renew a contract for crude transport through the Northern Peruvian Pipeline. The 1,100-kilometer (684-mile) pipeline is currently operational but sits idle without any active contracts. PetroTal, which operates the nearby Lot 95, previously stopped using the pipeline due to repeated shutdowns caused by attacks on the infrastructure, opting instead to ship its crude by barge to Brazil. "A new crude transport contract will be positive and make Petroperu's pipeline profitable," Diaz said. Petroperu posted a first-quarter loss of $111 million, improving on a $183 million loss from the same period a year earlier.
Reuters
18 hours ago
- Reuters
Hindustan Oil Exploration Company halts output in west Indian basin
June 27 (Reuters) - Hindustan Oil Exploration Company ( opens new tab said on Friday it has temporarily suspended production at one of its oilfields in western India due to adverse weather and is monitoring the situation to resume output when the weather improves. The floating storage offshore (FSO) unit at the company's Mumbai basin has been safely de-moored and anchored at a secure location for over a week, it said. "We are prepared for re-mooring the FSO... as soon as the weather improves, allowing us to resume production from the field under favorable conditions," the oil exploring company said.
