Sanction-free Libya gets down to oil business

Friday, December 17, 2004

Libya was preparing to decide the winner of its first major energy tender since the removal of sanctions in 1999.

Officials said the project was being sought by 68 international energy companies. The firms were deemed eligible to participate in the first round of bidding, which took place in September 2004.

Libya's national oil company was preparing to announce the winners in late January 2005. The tender was part of a project to nearly double Libya's oil production capacity to 3 million barrels a day by 2010, Middle East Newsline reported.

Officials said Libya has also aimed to attract around $30 billion of investment in the hydrocarbon sector. They said Tripoli planned to offer a further 89 areas, which include 306 blocks in a second set of oil and gas contracts in 2005.

Copyright 2004 East West Services, Inc.

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