Punj Lloyd Upstream Ltd, a subsidiary of Indian engineering, procurement and construction major Punj Lloyd Ltd, has informed that it has received a Letter of Intent (LoI) from Waha Oil Company, Libya.
Under the arrangement, the company will execute a contract, which is valued at approx US$ 42 million, for drilling exploratory wells in the Gialo oilfield of the prolific Sirte Basin.
Waha Oil Co. is a joint venture between State-owned National Oil Company, Conoco Philips, Amerada Hess Corp. and Marathon Corp, which is the second largest crude oil producer in Libya.