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 (1667)	5/21/2000 4:41:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Libya: New Petroleum Law Drafted - Middle East Economic Digest, May 19 A new petroleum law has been sent to the basic people's committees for review and approval, government officials say. "All the work has been done. It is just subject to review at this stage," says one. The content of the draft and its implications for oil and gas operators looking to enter the Libyan market are still vague. "The law has only been amended once since it was introduced in 1955, so partly it has been updated," says the official. "Some amendments have been made and some new elements added. We are hoping it will help and encourage investments and encourage companies to come in but we cannot reveal more at this stage". Industry executives attended a meeting on 10 May in Tripoli with the Libyan authorities as a precursor to a new licensing round anticipated to take place by the end of 2000. "The meeting is designed to give some indication of the timing and nature of the round," says one industry executive based in Tripoli. It is unclear if the licensing will be tied in with the new law. A new exploration and production sharing agreement (EPSA), type five, is also pending introduction. BG Exploration & Production of the UK is in preliminary talks with the Libyan authorities on a wide range of gas-related opportunities in the upstream and downstream sectors. The company says a presence in the Libyan market would complement its position as a trans-Mediterranean player. It already has substantial assets in Tunisia and Egypt.

To: Tomas who wrote (1667)	5/26/2000 4:58:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

UK Lasmo Sees Progress in Libya Oil Venture LONDON, May 26 (Reuters) - Britain's Lasmo said on Friday it had passed the last hurdle in getting its large Libyan Elephant oil development under way by forming an operators' management committee for the venture. The move, reported by a Lasmo spokesman, opens the way for the development, one of the biggest discoveries in Libya in recent years, to proceed with engineering procurement contracts. "All the structure is now in place for development," the spokesman said. "The process now will be to invite tenders for an engineering and procurement contract." The process of assembling the committee was completed recently with the appointment of Mohammad Abdel-Salam, a reservoir engineer with Libya's National Oil Drilling Company, and Ali Shkat, head of external audit at Libya's National Oil Corp (NOC). Abdel-Salam, who will chair the committee, and Skhat were nominated by state-owned NOC, the spokesman said. Operator Lasmo holds 33.33 percent of the venture, Italy's Agip another third and a consorium of South Korean companies comprising Korea National Oil Corp (formerly Pedco), Daewoo, Hyundai, Majuko and Daesung holding the remainder. Lasmo's development plan for Elephant was approved by Libyan authorities in first quarter of last year but the company has been waiting to form this committee to proceed with the project. The Elephant field with an estimated 500 million barrels was discovered in late 1997 in Libya's Murzuk Basin. Foreign firms interested in doing business in Libya have been closely watching the Elephant project to see how long it would take for the giant development to get off the ground. Other investors in Libya include France's Totalfina-Elf, Austria's OMV and Spain's Repsol-YPF. OPEC member Libya has been trying to attract more foreign spending after the United Nations suspended sanctions a year ago when it handed over for trial two suspects accused of blowing up Pan Am flight over Lockerbie, Scotland in 1988. Tripoli controls average daily output of 1.4 million barrels a day and has proven reserves of some 29.5 billion barrels.