On Monday 10th December 2007 a Heads of Agreement has been Imagesigned between National Oil Corporation and Petro-canda the agreement has been signed by Dr. Shokri Mohamed Ganem chairman of National oil corporation and MR. Ron Brennaman Chief Executive Officr; CEO of PetroCanda, this agreement is the result of NOC continuous efforts to modify and improve the terms and conditions of the agreements in light of the significant change of circumstances influenced by the increases in the oil and gas prices and demand.
Some of these agreements date back to the sixties and eighties.

The modified agreements will adopt EPSA 4 format, and will result in reduction in the shares of the second party to levels below the current shares which will be further reduced as production increases. One thousand million dollars signature bonus has been accepted by Petrocanada and agreement to participate in investment plan of more than7 billion Dollars in development &exploration projects to improve & increase production in the active producing fields subject of the new agreements. The expected investment plan will result in a total increase in the oil reserve to over two billion barrels of oil .
The new agreements will also include dedicated programs Imagefor developing and training Libyan staff and executing engineering works in Libya with due
Consideration for sustainable development and environment protection.
This a agreement will be referred to General Peoples Committee for ratification will take Effect As of 1-1-2008. It is worth noting that NOC has signed other two similar agreements with ENI, Oxy&OMV Companies on 16 /10/2007 and 24/11/2007 respectively .
It is also worth mentioning that NOC is currently discussing with other international oil companies; IOCs, to convert and modify the petroleum agreements held with them to the new EPSA IV format