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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1663)5/18/2000 10:22:00 AM
From: Tomas  Read Replies (2) of 2742
 
Libya: NOC Strive to Improve Gas Exploration Conditions

TRIPOLI, May 18 (energy24.com) - A framework has been drawn up by Libya?s state-owned National Oil Company (NOC), to improve conditions for gas exploration.
The terms have been described as stringent, but are in fact similar to those governing oil.

Under the framework, NOC will have first rights to any foreign company?s share of gas, at an agreed level of discount.

In the case of a small discovery being made, gas would be directed into the domestic market, but large finds would be open to export by the company.

The document also allows for oil companies to integrate small discoveries into a single development, but the NOC have not as yet defined the boundaries between a large or small discovery.

Industry sources have stated that NOC informed a total of 48 foreign firms that licences could be extended beyond the existing three years for production sharing, laid down in the EPSA-3 document.
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