Libya Invites Foreign Oil Majors for Talks

Published May 8th, 2000 - 02:00 GMT

The head of Libyan National Oil Corporation (NOC) has invited international oil and gas companies to a meeting in Tripoli Wednesday to discuss exploration and production-sharing agreements, the specialist Middle East Economic Survey (MEES) reported Monday. 

It said that Abdullah al-Badri had invited some 50 companies from Asia, Europe, Canada and the United States to allow the NOC to explain how deals will be negotiated and contracts signed despite a delay in the passing of Libyas hydrocarbon law. 

Direct, bilateral negotiations will follow the general meeting, MEES added. 

Badri told MEES in an interview published last month that Libya is moving full steam ahead in exploration and production talks with international oil companies now that the burden of UN sanctions has been lifted. 

The oil-company talks are moving quickly although the country's draft petroleum law has been held up by the government's reorganization at the beginning of March, which dissolved the energy ministry and transferred oil and gas issues to the NOC. 

The oil-industry newsletter said last month it understood that it will now take extra time to re-draft specific articles in the proposed law to take into consideration these structural changes. 

MEES said the draft concerns the definition of a foreign oil company model contract, which has not been updated since before sanctions were imposed on Libya over the Lockerbie airliner sabotage. 

The weekly said Monday all negotiations this week would be based on the 1989 model, modified by a few new clauses - (AFP) 

 

© 2000 Al Bawaba (www.albawaba.com)

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