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

To: Tomas who wrote (1209)	7/27/1999 9:36:00 AM
From: Tomas	Respond to of 2742

Libya: "Lundin Oil considering expanding their presence" Rome, July 27 (Bloomberg) -- Early next year, Libyan Oil Minister Abdalla Salem El-Badri plans to unveil a new program of oil and gas exploration licenses in an effort to bolster output that at 1.27 million barrels a day in June was less than half its 1970 peak. European oil companies such as Eni, Lasmo Plc of Britain, Repsol SA of Spain, OMV AG of Austria and Lundin Oil AB of Sweden already are working in Libya and have said they're considering expanding their presence there. Eni last year pumped about 14 percent of Libya's oil, making it the country's biggest foreign producer. Its own output in Libya, now about 80,000 barrels of oil and gas a day, will rise to 200,000 barrels a day as a result of this project and others coming into production. For Eni, the project will give the company a secure supply of nearby gas to feed Italy's growing energy needs. ... The gas project gives Libya the ability to boost petroleum exports while also meeting commitments to other nations of the Organization of Petroleum Exporting Countries to limit oil sales. Turnaround Libya is slowly recovering since the U.N. in 1992 barred international flights to Libya and the export of some equipment useful to build oil export facilities. Although it never barred direct investment in Libya's oil reserves, the six-hour drive from Tunisia to Tripoli and the unwillingness of some bankers to finance projects in the nation warded off many companies. U.S. companies are barred by law from investing more than $40 million a year in both Libya and Iran under a 1996 law. Conoco has been vocal in its opposition to U.S. sanctions since it and other U.S. companies including Amerada Hess Corp., Marathon Oil Co. and Occidental Petroleum Corp. were forced to leave Libya in 1986. Then-U.S. President Ronald Reagan tightened economic sanctions against Libya after intelligence reports linked Libyan nationals to terrorist incidents in Rome, Berlin and Vienna. Libya since then has attempted to make amends, paying $31 million to families of 171 killed when a UTA airliner exploded over Niger in 1989 and agreeing to cooperate with the investigation of the Pan Am disaster over Lockerbie, Scotland. quote.bloomberg.com