Libya to unveil gas round details
TRIPOLI, May 24 -- Libya will announce details of its planned gas exploration bid round at the start of July, the chairperson of its National Oil Corporation said on Wednesday.
"We are specifying the conditions and preparing the blocks and at the beginning of July there will be an official announcement about these blocks," Shokri Ghanem told Reuters.
"The round will focus on the regions which we hope have big quantities of gas. We are in the final stages of determining the blocks."
The North African country wants to attract foreign investment to help it increase its gas and oil output capacity. It aims to expand oil output capacity to more than 3 million barrels per day by 2010/12 from about 1,6 million bpd now.
Ghanem said in March that Libya would offer 10 to 15 areas, or blocks, both onshore and offshore, in the round. On Wednesday he made no comment on the possible number.
The country has held three oil exploration licensing rounds since the end of Western sanctions, awarding permits to companies keen to secure a foothold in one of the world's last under-explored oil regions.
There is increasing interest in Libya's underdeveloped gas sector, including the potential for liquefied natural gas, following several recent discoveries.
Libya holds 53 trillion cubic feet of proven gas reserves and some experts suspect it could be double that. It is a growing exporter to Europe and has big plans for liquefied natural gas - super frozen gas exported in tankers. - Reuters
TRIPOLI, May 24 -- Libya will announce details of its planned gas exploration bid round at the start of July, the chairperson of its National Oil Corporation said on Wednesday.
"We are specifying the conditions and preparing the blocks and at the beginning of July there will be an official announcement about these blocks," Shokri Ghanem told Reuters.
"The round will focus on the regions which we hope have big quantities of gas. We are in the final stages of determining the blocks."
The North African country wants to attract foreign investment to help it increase its gas and oil output capacity. It aims to expand oil output capacity to more than 3 million barrels per day by 2010/12 from about 1,6 million bpd now.
Ghanem said in March that Libya would offer 10 to 15 areas, or blocks, both onshore and offshore, in the round. On Wednesday he made no comment on the possible number.
The country has held three oil exploration licensing rounds since the end of Western sanctions, awarding permits to companies keen to secure a foothold in one of the world's last under-explored oil regions.
There is increasing interest in Libya's underdeveloped gas sector, including the potential for liquefied natural gas, following several recent discoveries.
Libya holds 53 trillion cubic feet of proven gas reserves and some experts suspect it could be double that. It is a growing exporter to Europe and has big plans for liquefied natural gas - super frozen gas exported in tankers. - Reuters
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