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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1149)	6/29/1999 12:50:00 AM
From: Tomas	Respond to of 2742

Libya to re-open Sirte for oil search Gulf News, United Arab Emirates, June 27 By Ashok Dutta Dubai - Libya plans to re-open certain concessions in the Sirte Basin and other producing areas to exploration, a top oil ministry official said. He also spoke of a new petroleum law that will be transparent, encouraging fair competition by using international bidding practice meeting global standards. "At present, only 25 per cent of the country's area is granted to various oil companies under different kinds of agreements, leaving a large area open for further agreements. In addition to what is offered now as open areas, our future plans call for the re-opening of some exploration areas in the Sirte Basin and other producing basins, where agreements are coming to an end soon, as well as some areas which are held by our national companies," Oil Minister Abdullah Salem Al Badri was quoted as saying in the latest issue of the Opec Bulletin. Libya is one of the most attractive low-cost areas in the region and has great untapped oil and gas reserves. The U.S. Energy Information Agency estimates Libya's proven oil and gas reserves to be 29.5 billion barrels and 46.3 trillion cubic feet respectively. "Libya is considered by all exploration criteria as a virgin country, although extensive exploration activities have been carried out since 1955. Most of the country's sedimentary basins are actually unexplored. In fact, even the Sirte Basin, where drilling was concentrated for many years, is still immature from an exploration point of view," he said. Two years ago a team of national experts was assigned to rewrite the 40-year-old Petroleum Law to take into account new conditions in the oil industry. "At this stage, we affirm that the new law will be designed to develop all sectors in the Libyan oil and gas industry, putting in service the accumulated experience of all national and international expertise in the industry. The new law will grant complete transparency and encouraging conditions for our previous and future partners," he said.