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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1667)5/21/2000 4:41:00 PM
From: Tomas  Read Replies (1) of 2742
 
Libya: New Petroleum Law Drafted - Middle East Economic Digest, May 19

A new petroleum law has been sent to the basic people's committees for review and approval, government officials say. "All the work has been done. It is just subject to review at this stage," says one.

The content of the draft and its implications for oil and gas operators looking to enter the Libyan market are still vague. "The law has only been amended once since it was introduced in 1955, so partly it has been updated," says the official. "Some amendments have been made and some new elements added. We are hoping it will help and encourage investments and encourage companies to come in but we cannot reveal more at this stage".

Industry executives attended a meeting on 10 May in Tripoli with the Libyan authorities as a precursor to a new licensing round anticipated to take place by the end of 2000. "The meeting is designed to give some indication of the timing and nature of the round," says one industry executive based in Tripoli. It is unclear if the licensing will be tied in with the new law. A new exploration and production sharing agreement (EPSA), type five, is also pending introduction.

BG Exploration & Production of the UK is in preliminary talks with the Libyan authorities on a wide range of gas-related opportunities in the upstream and downstream sectors. The company says a presence in the Libyan market would complement its position as a trans-Mediterranean player. It already has substantial assets in Tunisia and Egypt.
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