Libya signs exploration accord with Sonatrach, Oil India

NICOSIA: Libya, holder of Africa's largest oil reserves, said it signed a final agreement granting exploration and production rights to Algeria's state oil company Sonatrach, Indian Oil Corp and Oil India Ltd.

The three companies will spend 152 million dollars on exploration works that include drilling eight wells in Libya's Ghadames region, the country's National Oil said. They will pay 10 million dollars as a bonus to National Oil when the government approves the accord, it said.