The African nation of Libya signed final accords Tuesday granting exploration and production rights to Occidental Petroleum Corp, as well as Royal Dutch Shell Plc, Libya’s state-run National Oil Corp. said.

Los Angeles-based Occidental said it will spend $70 million on exploration in the area, which is called Bloc 103. The agreements require Occidental and Shell to share any discoveries with the Libyan government which is Africa’s largest producer of crude oil.

Libya said it wants to increase oil production to 3 million barrels per day by 2013 the nation currently produces 1.74 million barrels per day now. The national added that it also wants to boost natural gas production from 2.7 billion cubic feet per day from to 3.8 billion by 2015, as Europe tries to reduce its dependence on Russian petroleum.

Shares in Occidental were up 4.3 percent Tuesday to $74.81 in early trading on the New York Stock Exchange.