Amerada Hess to Return to Libya

Source: www.gulfoilandgas.com 12/29/2005, Location: Africa

Amerada Hess Corporation announced that, in conjunction with its Oasis Group partners ConocoPhillips and Marathon Oil, it has reached agreement with the Libyan National Oil Corporation on the terms under which it will return to its former oil and gas production operations in the Waha concessions in Libya.

The Libyan National Oil Corporation will hold a 59.16 percent interest, ConocoPhillips and Marathon Oil will each hold a 16.33 percent interest, and Amerada Hess will hold an 8.16 percent interest. The concessions encompass almost 13 million acres located in the Sirte Basin, which is one of the most prolific oil and gas producing areas of Libya, and contain sizable undeveloped oil and gas resources. Amerada Hess will add in excess of 85 million barrels of oil equivalent to the company's proved reserves as a result of the reentry to Libya, and approximately 20-25,000 net barrels per day of production.


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