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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.
More News
13 Apr 2026
BBK launches the Youth Advisory Council (YAC) to empower youth and advance innovation
08 Apr 2026
BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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