Report summaryThe EPSA East contract area (formerly Concession 12) encompasses the giant Amal field, which was discovered by Mobil Oil Libya in 1959. It is located in the northeast Sirte Basin, 273 kilometres from the Ras Lanuf terminal. Amal is a mature field which peaked at over 200,000 b/d in 1969. Despite having produced well over one billion barrels, Amal is considered to have substantial potential through the implementation of in-fill drilling and extensive secondary recovery programmes. In June 2008, Petro-Canada signed new contracts for its Libyan concessions whereby existing concession licences were converted to EPSA IV terms and a 30 year licence extension was granted. There are now six EPSA contracts areas (EPSA North, EPSA West, EPSA Central, EPSA East, EPSA South East and EPSA South), five of which are producing. Petro-Canada paid a US$1 billion non-recoverable signature bonus as part of the deal, over a five-year period. The new terms took effect from January 2008. 2008.
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- EPSA East (Amal) PDF - 541.37 KB 23 Pages, 19 Tables, 9 Figures
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