Petrobras to explore oil off Libyan coast. Minimum investment to be US$ 21 million
Petrobras, the Brazilian state-owned oil giant, was one of the winners of a tender opened by the government of the Arab country. The contract with the Libyan oil company will be signed this month and forecasts an exploration phase to take five years. The area to be explored is on the Mediterranean Sea and is close to fields that already produce large volumes. In case a viable reserve is found, the period forecasted in the production concession is 25 years.
By Mark Ament
