Through its 49% interest in Harouge Oil Operations, a joint venture with the National Oil Corporation of Libya (NOC), Petro-Canada is one of that country’s most significant producers. The joint venture encompasses our exploration and producing interests in several concessions, most of which are onshore in the Sirte basin. Currently, production averages approximately 50,000 barrels per day net to Petro-Canada from the combined operations of more than 20 fields.

Petro-Canada also has equity interests in the Ras Lanuf export terminal and various pipelines, through which the majority of the production is exported.  In late 2007, Petro-Canada and the NOC signed a binding heads of agreement to convert the existing concessions into six new Exploration and Production Sharing Agreements (EPSAs). Upon ratification, these new EPSAs will be valid for another 30 years and involve Petro-Canada and NOC joint investment of US$7 billion. Under the new agreements, Petro-Canada will design and implement jointly with the NOC the redevelopment of major fields in the Sirte Basin. As a result, Petro-Canada's production in Libya is expected to double over the next five to seven years. Petro-Canada will also undertake an extensive exploration program in the highly prospective acreage around the existing fields.

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