The MoU also covers the development of Total's works in the Mabrouk perimeter in the Syrte basin and the marine plateau perimeter in northern Tripoli.
It was signed in Tripoli by the Secretary of NOC's steering committee, Dr Choukri Ghanem, and Managing Director for Total oil exploration and production, Christophe de Margerie.
It stipulates a substantial amendment of the former contracts and agreements in addition to planning, modernisation and implementation of the development programmes of the perimeters with a view to raising production and reserve average.
The amendments also provide for greater development and exploitation of natural gas offshore through the delineation of gas and their development for optimal exploitation.
Dr Ghanem said the signing of the MoUs reflected the two parties' joint will to improve and amend contractual conditions in favour of the Libyan party as a result of the changes in economic conditions over the past four years having recorded a rise of crude oil prices to more than 100 dollars.
Mr Christophe expressed satisfaction over the conclusion of the memorandum and said Libya had at its disposal huge potential and that his company worked towards the preservation of its activities in this country.
Tripoli - 09/02/2009
Pana
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