Libya awards oil exploration rights

Oct 02, 2005 02:00 AM

ExxonMobil, BP Gas and ENI of Italy were among several companies that won oil exploration rights in Libya, officials said.
Libya said 120 foreign oil companies submitted offers for the second round of bidding for certain oil and gas exploration and production contracts in the country. Nineteen of the plots offered were in areas already producing oil such as Sirte, in the centre of the country; Ghadames, in the west; and Murzuq, in the southwest. The others are in Cyrenaica and Kufra, in the east.

The names of the winning companies were announced by an official from Libya's National Oil Corporation. He said ExxonMobil won one contract for exploration in the centre of the country along with Japanese giant Nippon Oil and Pertamina of Indonesia.
British Petroleum won two contracts in Sirte along with Pertamina and India's Oil India, while ENI and British Petroleum won the two contracts in the Kufra fields. Companies from France, Norway and Russia won contracts in the Murzuq fields in the west.

Libya is offering contracts with the NOC, the state-owned integrated oil company that controls the country's petroleum industry.
Libya has proven reserves of 29.5 bn barrels of oil, the country's main source of revenue. US giant Occidental Petroleum, which has submitted several offers, announced in late July that it had become the first US oil company to resume production in Libya since the United States imposed economic sanctions nearly two decades ago.

Source: Associated Press
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