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New Delhi, Sept. 22

Punj Lloyd Upstream Ltd, subsidiary of Punj Lloyd Ltd, has announced that it has received a letter of intent for a contract worth $42 million in Libya for deploying two onshore rigs. According to the company, the contract requires drilling exploratory wells in the Gialo oil field of the prolific Sirte Basin for Waha Oil Company, a joint venture between State-owned National Oil Company and Conoco Phillips, Amerada Hess, and Marathon Corporation of the United States. Waha Oi l Company is the second largest crude oil producer in Libya. Punj Lloyd is already present in Libya through a pipeline project for Sine Oil Company. —

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