Libya’s state-owned National Oil Company (NOC) as extended from December 31 to January 1 a deadline for bids on deadline for three oil exploration packages, which were expected to generate a good deal of interest from the international oil community.
NOC’s reason for making the change apparently was to avoid a clash with the Islamic Eid Al Fitr feast, which falls at the end of the year, and the traditional seasonal holiday period running from Christmas through to New Year’s Day.
The three exploration packages are considered part of a general program that the Libyans are promoting in order to bring about greater foreign investment in their economy, and in the oil sector in particular.
This became possible after United Nations sanctions against Libya were suspended more than a year ago, following the Libyan’s agreement to hand for trial over two suspects in the bombing of a PanAm jumbo jet over Scotland. – (Albawaba-MEBG)