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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

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To: Tomas who wrote (1869)	10/14/2000 8:03:42 AM
From: Tomas	Read Replies (1) of 2742

Robertson Research is bullish on Libya Middle East Economic Digest, October 13 Ten international oil companies hay commissioned Robertson Research International of the UK to produce report on the country's undiscovered recoverable hydrocarbons potential. State owned oil operator National Oil Corporation (NOC) estimates the country's recoverable hydrocarbon reserves to be anything up to 3 million million cubic metres (equivalent to 1.5 trillion cubic feet). The best opportunities for international companies are in exploiting the country's new acreage, most of which is covered by Robertson, analysts say. The report follows NOC's release this summer of 70 per cent of new acreage fob development and exploration. More than 40 companies attended a meeting in May outlining the new licences available. No deadline has been given but sources al NOC confirm a number of companies have already submitted applications (MEED 18:8:00). The report is based on the analysis of the Sirte, Murzuq, Kufra, Chadames, Cyrenaica and Palagian basins. Robertson has used existing US Geological Survey data with some new testing on basin depth and source rock maturity in the study Most of the onshore potential is within the Sirte basin which Robertson says has no geological analogue in the region. The report is also upbeat about the potential of deep water and shallow water offshore exploration. If basin trends continue onto the Mediterranean shelf, then "offshore would warrant significant investment", Robertson's technical manager Eugene Iwaniw told MEED. Following Libya's years of isolation, Robertson is concerned by the lack of pipeline infrastructure and the neglect of existing facilities in the country. Robertson says the exploitation of substantial hydrocarbon reserves Robertson says will depend on the speed and level of investment international companies are prepared to commit.

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