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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1030)4/22/1999 6:53:00 AM
From: Tomas   of 2742
 
New Libyan petroleum laws
Hart's Daily Petroleum Monitor
London, April 22

Following the end of UN sanctions, Libya is to
change its 40-year old petroleum laws in order
to try and attract further investment.

Oil minister Abdalla Salem El-Badri said the
legal system will be changed by the end of
October in an attempt to halt the decline in
output which is now down below half of its
1970 levels due to the effect of sanctions.

"We would like to see oil and gas companies
come to invest in Libya, but before we invite
them we have to take care of some in-house
matters," he said.

Many had expected a new licensing round to
be unveiled at the same time but El- Badri
said it would take another two years before
new acreage would be offered.
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