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