Vitor Abdala
Reporter - Agência Brasil

Rio - Petrobras (Brazilian Petroleum, S.A.) expects to sign a contract this month to drill for oil in a Libyan oil field known as Area 18, located in the Mediterranean Sea. The project will be carried out in partnership with the Oil Search Limited company, and the oil that is produced will be divided with the Libyan National Oil Corporation (NOC).

This information was released yesterday (1) by the Brazilian company, and, according to the terms of the contract, Petrobras will be entitled to exploit Area 18 for five years, during which time it expects to invest at least US$ 21 million.

Area 18 is made up of four blocks off Libya's northwestern coast and covers a total area of 10,307 square kilometers. The sea depth ranges from 200 to 700 meters. Petrobras already operates in three other African countries: Angola, Nigeria, and Tanzania.

Translation: David Silberstein