December 12, 2019 saw the inking of exploration and production sharing agreements (EPSAs) for blocks 91 and 107 (formerly, C96 and C97 respectively) between the Libyan National Oil Corporation (NOC) and Wintershall AG in Tripoli.
The NOC and Wintershall AG moving over to EPSA terms succeeded in finalizing this matter and committed to signing the agreements.
The EPSAs will assign operatorship to a new joint operating company to be created between the NOC and Wintershall AG via a 6-month handover process. The parties will share operating costs at a ratio of 88% (NOC) to 12% (Wintershall AG). Production will be shared according to a formula agreed by the parties.
Gazprom EP International is Gazprom’s upstream operator outside Russia. A joint venture of Wintershall Dea and Gazprom EP International, Wintershall AG has been the operator of two blocks in Libya from 1966 onward. During its operations at the blocks, the company has discovered and put onstream 9 oil fields with As Sarah as the largest, which is located within contract area 91 (formerly C96).