GDF Suez Acquires 20% Interest in Libyan License From Hellenic Petroleum

GDF Suez has acquired a 20% participating interest in an exploration and production license in Libya from Hellenic Petroleum, a Greek integrated energy group. Other license partners include Australian oil and gas company Woodside, and Spanish integrated energy firm Repsol.

The transaction has been approved by the Libyan National Oil Corporation (NOC) and remains to be ratified by the Libyan parliament.

Operated by Woodside, the oil and gas license allows for the exploration of five onshore blocks located in the Sirte Basin and one block in the Murzuq Basin. These six blocks extend to a total surface area of 20,129sqkm.

Under the terms of the exploration and production sharing agreement, signed by the consortium and the NOC, an option exists to negotiate the terms of the appraisal and development of an additional block, also situated in the Murzuq Basin. This license contains announced oil and gas discovery wells and offers significant exploration potential.

Jean-Marie Dauger, executive vice president of GDF Suez in charge of global gas and liquefied natural gas operations, said: “Through the recent acquisitions in the Netherlands, Azerbaijan and the swap of assets with Eni involving upstream assets in the UK, Gulf of Mexico, Egypt and Indonesia, GDF Suez continues to grow in the exploration and production business.”