Shell signs oil exploration deal with Libyan oil firm
Shell Petroleum Development and the National Oil Corporation of Libya signed a Heads of Agreement (HOA) for the establishment of a long term strategic partnership in the Libyan upstream oil and gas industry.
The HOA comprises the preliminary understanding of the parties regarding key principles for participation by Shell in the Libyan upstream, including onshore exploration, and the development of Liquified Natural Gas (LNG) facilities. The HOA could lead to the development of integrated upstream and LNG export projects.
Shell will continue negotiations on specific projects in Libya during the course of 2004, reported a press release.
“I am delighted by the warm invitation to Shell from the Libyan National Oil Corporation to participate in the country’s oil and gas industry," said Chief Executive Officer of Shell Exploration and Production, Malcolm Brinded. "I look forward to our cooperation becoming a cornerstone in a renewed trade relationship between the UK and Libya."
The Royal Dutch/Shell Group of Companies was active in the Libyan upstream from the 1950s until 1974, and conducted exploration in the country in the late 1980s. — (menareport.com)
© 2004 Mena Report (www.menareport.com)