NOC signs with German Wintershall partnership agreements in Sirte basin

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NOC signs with German Wintershall partnership agreements in Sirte basin

December 15, 2019 - 11:26
Written by: SafaAlharathy

The National Oil Corporation has signed with German Wintershall two agreements for exploration and production sharing in two regions in the Sirte basin, until 2036 and 2037.

The agreement provides for converting two concessions of Wintershall into production exploration and sharing agreements retrospectively from January 2018.

It also states the establishment of a joint operator company named "Al-Sirir Petroleum Operations Company".

Wintershall will pay $ 100 million signing bonus for the two agreements, in addition to another $ 50 million over a 10 years period, to social responsibility and sustainable development programs and projects, managed by the National Oil Corporation (NOC).