| Key Facts |
Employees: 30
Total Average Daily Production in 2006: 10 MBOED
Crude Processing Capacity: --
Major Office Locations: -- |
Exploration and Production ConocoPhillips has had a presence in Libya since 1956, when Conoco entered Libya with Marathon and Hess and formed Oasis Oil Co. First oil discovery occurred in 1959, with production established in 1962. Production soared to the million-BD mark in seven years. Upon exit in 1986, the partners reached a standstill agreement with Libya that preserved their ownership. For years they only could observe the concession from afar, as the operator conducted maintenance, development and exploration, discovering a major field in the process. In 1999 U.S.-Libyan relations improved and the companies began discussing a re-entry with both nations. Since 2002, firms have been allowed to periodically inspect the properties and offer technical assistance.
In December 2005, ConocoPhillips and its co-venturers reached agreement with Libya National Oil Corp. on the terms under which it returned to its former oil and gas production operations in Libya. The Waha concession currently produces approximately 350 MBOD gross and encompasses nearly 13 million acres located in the Sirte Basin. As a result of the transaction, and based on the gross production figures provided to the company at year-end, ConocoPhillips expects to add in the range of 50 MBOD net to its production in 2007. The re-entry terms include a 25-year extension of the concessions to 2031-2034.
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