Libya opens second oil and gas bidding round to international firms

May 05, 2005 02:00 AM

The Libyan National Oil Co. has opened to international oil companies a second round of bidding for oil and gas blocks, US energy executives said.
The bidding will take place Oct. 2, the executives said at an energy conference in Houston.

In January, Libya's first exploration and production-sharing agreement auction since 2000 drew $ 150 mm in investment and bids from more than 60 companies, including most US oil majors and many smaller independents.
The blocks in the new bid round will be much smaller than those available during the first round, said Tony Mills, an analyst with Wood McKenzie. Bob Fryklund, president of ConocoPhillips Libya, a unit of ConocoPhillips, said his company is in general optimistic about exploration and production opportunities in Libya.

After this round the Libyan NOC plans to announce two bid rounds a year, Mills said.
Companies are most interested in seeing Libya open up its existing fields to enhanced oil recovery projects. An offer of that nature would generate "very high interest" from US companies, Mills said.

Source: Dow Jones
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