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Gold/Mining/Energy : Red Sea Oil Corporation (RSO)
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To: Greywolf who wrote (317)4/25/2000 5:12:00 AM
From: Greywolf  Read Replies (1) of 332
 
Libya Accelerates Post-Sanctions Links,

TRIPOLI, Apr 24 (AFP via
energy24.com) - Libya is reportedly moving full steam ahead in exploration and
production talks with international oil companies, now that the burden of UN
sanctions has been lifted. Libya's National Oil Corporation (NOC) chairman,
Abdullah al-Badri, told the Nicosia-based Middle East Economic Survey
(MEES) that Libya has stepped up the pace of upstream negotiations with
international oil companies in hopes of signing agreements within the next year.
Two NOC committees are working full-time to hold parallel talks with
international oil companies on exploration and production-sharing pacts. A third,
centralized group is supervising the overall negotiating process. The
oil-company talks are moving quickly. However, the country's draft petroleum
law has been held up due to government's dissolutoin of the energy ministry and
the resultant transference of oil and gas issues to the NOC. The oil-industry
newsletter said 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. The bill will be on the agenda of the next session of the General
People's Congress, possibly in June. The company negotiations also concern the
updating of contract terms to reflect the new realities in Libya. The United
States is unlikely to lift its sanctions against Libya until the trial of the two
Lockerbie bombing suspects is completed and compensation arranged for the
victims' families.
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