This excerpt taken from the PBR 6-K filed Mar 18, 2005.
(b) Activities in Libya
On February 1, 2005, PETROBRAS informed that its consortium with Oil Search Limited was one of the successful bidders in the bidding round promoted by the National Oil Corporation (NOC) of Libya, having acquired the exploratory rights and a share in production of Area 18, located in the Mediterranean Sea, made up of four blocks with a total of 10.307 km2. PETROBRAS will be the Consortium leader and operator, with a 70% share. The production sharing contract is to be signed between the consortium and NOC by mid-February and provides for a five-year exploratory phase during which a minimum US$ 21 million will be invested.
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PETRÓLEO BRASILEIRO S.A. - PETROBRAS
BOARD OF DIRECTORS AND EXECUTIVE BOAR