Petro-Canada signs new exploration deals with Libya

(In U.S. dollars)

CALGARY, Alberta, June 19 (Reuters) - Petro-Canada PCA.TO said on Thursday it signed six exploration and production deals with Libya's state oil company to redevelop fields where it estimates gross resources at nearly two billion barrels.

Petro-Canada said the exploration and production agreements have an expected duration of 30 years, over which it may spend as much as $7 billion. The company will pay half the development costs to receive an initial 12 percent of production.

It also said it expects to spend $460 million for an exploration program in the Sirte region. (Reporting by Jeffrey Jones; Editing by Scott Anderson)