Tuesday, December 06, 2005

Oil: Exxon move into Libya once more

Exxon Mobil has signed an agreement with Libya for an exploration and production sharing pact with Libya's National Oil Corp.

The agreement is to explore offshore energy deposits in the Cyrenaica Basin. The area comprises one million hectares lying in water up to 3,050 metres in depth. Exxon moved out of Libya in 1981. Financial details have not been disclosed.