Libya and Iran E&P hotspots - Upstream, March 27
Photo: Libya-bound: Lundin Oil has no problems drilling in the north African country
Opec members Libya and Iran are at the top of the world charts for new oil and gas exploration ventures.
A survey published on Tuesday found that Libya pipped Iran into second place among international oil companies in the league of the most popular countries for investment in new exploration activities in the wake of last year's oil price boom.
The results come swift on the heels of news that Washington is expected this year to renew the 1996 Iran-Libya Sanctions Act (ILSA). However, Conoco, Marathon, Amerada Hess and Occidental travelled to Libya in December under a special exemption to review investment opportunities.
The poll of 85 international oil companies, including US players, by UK consultants Robertson Research surveyed 146 oil and gas producing countries outside North America. Big oil provinces Saudi Arabia, Kuwait and Mexico did not figure because they permit little or no foreign upstream investment.
Robertson said companies on average were assuming an oil price of $23.80 a barrel for planning purposes for 2001, up from $18.94 last year and just $13.76 in 1999. Oil companies are spending aggressively on exploration and new ventures according to the survey - 72% of those questioned intend this year to increase their E&P spend, Reuters reported.
Companies are also looking to diversify exploration with 56% saying they expect to invest in new countries. The most popular region is the Middle East, followed by the Far East and Australasia. Also ranking in the top 10 are Algeria, Australia, Brazil, the UK, Egypt, Iraq, Angola and Indonesia. Eritrea, Thailand and Burma slipped most dramatically down the table. |
