Libya (Block 103)
Exploration work is now underway in Libya’s onshore block 103, with Liwa Energy, a wholly owned Mubadala subsidiary, holding a 20 percent working interest in the development alongside Occidental Petroleum Corporation, the block’s operator. The contract was awarded in June 2008 and will expire in June 2013.
Libya is encouraging foreign companies to help increase the country’s current oil production capacity of two million barrels of oil per day to three million bbl/d by 2015 and is considered a highly attractive oil province due to its low cost of oil recovery, the high quality of its oil, its proximity to European markets and its well-developed infrastructure.