Libya signs accord with Sonatrach, Oil India, IndianOil
New Delhi   27-May-2008
Libya, holder of Africa's largest oil reserves, said it signed a final agreement granting exploration and production rights to Algeria's state oil company Sonatrach, IndianOil and Oil India Ltd. The three companies will spend $152 million (Rs647.5 crore) on exploration that include drilling eight wells in the Block 95-96 area in Libya's Ghadames region, the country's National Oil Corp. said in a statement on its Website. They will pay $10 million as a bonus to National Oil when the government approves the accord, it said.