According to the latest reports coming from Sydney –Australia that Woodside Petroleum Ltd will exist Libya early next year, the company said in a statement it has negotiated a sale of its onshore assets in Libya and expects to exit the country early in 2010.
On Tuesday 23rd Nov 2009, forecast its full year oil and gas production in 2010 to fall to between 70 million and 75 million barrels of oil equivalent.
Woodside is Australia's second biggest oil and gas company reiterated its 2009 output guidance of 81 million to 86 million BOE. It said its 2010 forecast excludes a 5.8 million BOE contribution from its share of the Otway gas project, offshore Victoria state, which Woodside recently agreed to sell to Origin Energy Ltd.
Woodside Petroleum has gained entry into Libya in a consortium with exploration and production sharing agreements (EPSA) with the Libyan National Oil Corporation (NOC). The agreement was signed on Sunday, 30 November 2003, in Tripoli and covers five exploration blocks in the onshore Sirte Basin in northern Libya and one in the onshore Murzuq Basin in western Libya.
The consortium was made up of operator Woodside (45 per cent), Spanish oil company Repsol (35 per cent) and Greece's Hellenic Petroleum (20 per cent). The minimum initial exploration commitment was 13 exploration wells.
Source: WSJ & Sahra Oil Consultancy Ltd
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