Libya to offer foreign companies entry into oil sector
Three packages of blocks in Libya’s Sirte, Murzuk, Cyrenaica and Kufra basins are going to be offered to international bidders by Libya's National Oil Corporation (NOC), said Abdulkarim Ahmed, NOC's chairman, in an interview with the Middle East Economic Survey.
According to Ahmed, the latest strategy is a part of a program to increase Libya’s overall oil production capacity. The country also plans to develop its natural gas capacity, which currently stands at approximately1.5 billion cubic feet a day.
Ahmad did not reveal which companies are expected to bid on the blocks on offer, but he did point out that Lasmo of the United Kingdom is involved in bringing the first stage of the Elephant field in the Murzuk area into production within a year, with an initial production capacity of the 50,000 barrels a day, which is expected to triple within 12 months. In the En Naga North and West Fields, Sweden's Lundin Oil is involved in a 40,000 barrel per day production, as is TotalFinaElf. – (MENA Report)
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