European companies sign oil exploration deal with Libya

European companies led by the Spanish company Rubsol signed a contract with Libya to explore, extract and market oil from the south west region of Libya which is 23,000 kilometers wide.

The Spanish company has only 32% of the total space of the region as the OMV company and the French Total has 24% each, while the Saga company has the remaining 20%.

Libyan sources said that this contract is a new step for these companies to explore for oil in Libya. Rubsol started its activities in Libya in 1994 when it was part of a group of other European companies in an agreement in which the Spanish company had 40% of the total works.