Canada seeks oil links with Libya
OTTAWA, February 7 (UPI)-- A Canadian minister said Wednesday that Ottawa
intends to forge closer links with Libya in the oil and natural gas
industry, as part of a move to offer its expertise to three North African
countries.
International Trade Minister Pierre Pettigrew made the statement as a
Canadian oil and gas trade mission headed for Algeria, Libya and Tunisia.
Representatives of 19 Canadian companies are taking part in the mission, and
are participating in a North African oil industry exhibition, where some of
their latest equipment will be on display until Feb. 15.
Pettigrew said Canadian technology was in demand in the Maghreb states,
which include Tunisia, Libya, Algeria and Morocco, and that Canada's
potential in the oil and gas industry there "has yet to be tapped."
The trip by the Canadian energy firms will mark the first time that a
major Canadian trade mission will include Libya in its itinerary. Major
Western countries have treated Libya as a pariah since the 1988 bombing of a
Pan Am jet over Lockerbie, Scotland, and the U.N. Security Council imposed
sanctions on Libya in 1992. The sanctions were suspended after Libyan leader
Col. Moammar Gadhafi handed over two of his intelligence officials to be
tried for alleged involvement in the bombing.
The Canadian firms in the trade mission are set to offer such services to
Libya, Algeria and Tunisia as exploration, engineering consulting services,
training, testing and monitoring equipment. They will also offer chemicals
used in oil production and in other areas of the industry. Canada's
decision to move into the oil and gas industry in North Africa comes after
the recent rise in oil and gas prices, which have resulted in a spurt of
activity in exploration.
Canada produces 2.7 million barrels of crude oil a day, making it the 10th
largest producer in the world, and 2.2 billion cubic meters of natural gas a
day, making it the third largest natural gas producer. Libya, by
comparison, produces 1.37 million barrels of oil and 20 million cubic meters
of natural gas a day, but its estimated crude oil reserves stand at 29.5
billion barrels, and 75 percent of its territory has still to be explored.
Algerian and Tunisian production and reserves are smaller, but Canada
imports a substantial quantity of oil from Algeria. |
