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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2618)7/6/2001 10:35:24 AM
From: Tomas  Read Replies (1) of 2742
 
Libya: "Lundin is bidding for new exploration licences and intends to continue its operations
in Libya following completion of the sale"

Middle East Economic Digest, July 6
Libya: Petro-Canada buys En-Naga assets

Calgary-based Petro-Canada announced on 21 June the purchase of a strategic stake in the 100 million-barrel En-Naga oil field. The Canadian oil company has agreed to pay Sweden's Lundin Oil $75 million for its 25 per cent stake in the field, which is located in Block NC-177 of the southern Sirte basin. Lundin's decision to sell its stake in the concession comes as a surprise following the award in February of two engineering contracts worth $27 million in total for the field's development.

Lundin, in partnership with the National Oil Corporation (NOC) -which has a 75 per cent stake in the field - was expected to begin production of 15,000 barrels a day (b/d) of 41o API crude this year. "Lundin Oil will proceed as planned with the development of the field until we hand over to PetroCanada," says a spokesperson for Lundin. "Work is on schedule and we expect to start drilling this month, with first oil by the end of the year."

However, Petro-Canada has indicated that the development may be slower than was first expected. "We have received extensive data on the En-Naga field from Lundin Oil," says a spokesperson for Petro-Canada. "We feel that further delineation of the block is necessary before we can progress with the development."

Petro-Canada has been looking to acquire exploration and production acreage m North Africa for some years. Earlier this year, the company pulled out of negotiations with Sonatrach for the Tinhert gas field development project in Algeria.

NOC is still evaluating the En-Naga deal, which is expected to be formally approved by the end of the year. Lundin is bidding for new exploration licences and intends to continue its operations in Libya following completion of the sale. The deal is part of a strategic restructuring that has seen key assets in Russia and Sudan spun-off into a new company called Lundin Petroleum.
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