Medco to explore in Libya's fields

Medco to explore in Libya's fields

JAKARTA: PT Medco Energi Internasional, Indonesia's largest publicly traded oil producer, signed an agreement to explore and produce oil in Libya's Ghadames Basin.

Medco and partner Verenex Energy Inc. will have equal share in the venture that holds the right to explore the fields for the next five years and the right to commercially exploit any findings over the subsequent 25 years, Medco said in an e-mail statement on Tuesday.

Drilling may begin in 2006, the statement said. The fields cover 6,182 square kilometers. -- Bloomberg