Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Tomas who wrote (1406)	11/25/1999 12:42:00 PM
From: Tomas	Respond to of 2742

OMV Plans To Drill Deeper In Libyan "Oildorado" - Der Standard, Austria (OMV Will Im Oldorado Libyen Tiefer Bohren) Der Standard - Austria, November 23 Austrian petrochemical group OMV, which currently extracts around 20,000 barrels of oil in Libya, plans to double the volume within the coming five years. If current exploration in the Khufrah basin proves successful, the company hopes to take on a block and is considering taking over operational management. OMV has already achieved success in the Murzuq basin, and, at the weekend, the consortium passed the 100 million barrel mark in exports from the field. However, OMV owns only 7.5 per cent of the field, other members of the consortium being the French-based Totalfina (7.5 per cent), the Spanish-based Repsol (which holds 10 per cent and the operational management) and the Libyan state-owned National Oil Corp (75 per cent). According to OMV exploration director Marc Hall, it will take two years for the billions invested in the desert to pay off (the consortium has invested $1.5bn, of which $225m invested by OMV). The secured reserves in the three El-Sharara oilfields show a volume of 730 million barrels, the fourth field, currently undergoing drilling by the consortium, could hold a further 200 million barrels.

To: Tomas who wrote (1406)	11/27/1999 12:08:00 AM
From: Tomas	Read Replies (2) \| Respond to of 2742

Occidental Petroleum Makes First Visit To Libya In Almost 14 Years Dow Jones Business News, November 24 LONDON -- Representatives of oil and gas company Occidental Petroleum Corp. were in Libya last week to survey oil production assets the company was forced to leave behind because of U.S. sanctions imposed about 14 years ago, an official at the Libyan oil ministry said Wednesday. "They had positive discussions with oil leaders in Tripoli," the official, who asked not to be identified said in an interview this week. It was the first such visit by an American company with assets in Libya since the sanctions were imposed in 1986. Los Angeles-based Occidental (OXY) declined to comment on the trip. "We have no comment on Libya," a spokesman told Dow Jones Newswires. Last April, the U.N. Security Council suspended sanctions against Libya, including a ban on air travel, after Libya agreed to surrender two suspects wanted in the 1988 bombing of Pan Am jet 103 over Lockerbie, Scotland, for a trial by a Scottish court in the Netherlands next year. The bombing killed 270 people. After the Security Council action, U.S. oil companies with interests in Libya asked for permission to survey their assets in Libya. Thus far, only Occidental's request has been approved by the U.S. government. A request similar to Occidental's has been filed with the Treasury Department by a three-company oil consortium comprised of Amerada Hess (AHC), Conoco Inc. (COCA) and USX Marathon (MRO), all of which, like Occidental, left Libya in 1986. Under the Iran-Libya Sanctions Act, or ILSA, passed three years ago, the U.S. government reserves the right to punish foreign companies making major investments in Iran and Libya. But despite the U.S. government's intentions, a growing number of international oil companies have thumbed their noses at ILSA while U.S. companies have urged the government to suspend unilateral U.S. sanctions against Libya. The companies have argued that such action would be a logical follow-up to the sanction suspension taken by the Security Council. Among other sanctions, the U.S. bars most trade with Libya. The administration has said it is watching to see whether Libya complies with the demands the Security Council has set for the outright lifting of the sanctions. Libya is required to end and renounce all forms of terrorism, compensate families of Pan Am 103 victims, admit responsibility for its officials' actions and cooperate with the investigation and trial.