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FINANCIAL NEWS
Libya plans to better terms for oil companies
15 Dec 2012
(MENAFN) Libya is seeking to attract more international oil firms, some of which have yet to return after 2011 civil war by sweetening terms, Reuters reported.
Oil Minister Abdelbari Al-Arusi said that the government plans to improve the terms for foreign oil firms ahead of its next licensing round and could begin seeking bids in the third quarter of 2013.
Al-Arusi added that he has made it a top priority to consult with foreign oil firms on how to make the country more attractive.
In the last bidding round, after the government in 2004 opened up territory that had been off-limits for years. Oil companies rushed and accepted some of the industry’s tightest exploration and production terms.
Africa’s third largest oil producer has boosted output faster than many analysts expected to around 1.5-1.6 million barrels per day (bpd) after the civil war, and the focus is now shifting to expanding exploration of its vast desert acreage.
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