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

To: Tomas who wrote (1908)	11/19/2000 10:44:46 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Libya sees $10 billion foreign investment in oil and gas TRIPOLI (November 16) Business Recorder: OPEC member Libya expects $10 billion in foreign investments in oil and gas exploration over the next 10 years, the acting head of the state oil company said. National Oil Company (NOC) Acting Chairman Ahmed Abdel-Karim unveiled details of the long-term plan at a government-sponsored foreign investment conference, the first of its kind in Libya. Abdel-Karim, addressing delegates on Tuesday night, said NOC was negotiating with several foreign companies and he expected some oil and gas exploration deals to be signed in the next few months. He gave no further details but said: "We expect $10 billion in foreign investment in exploration and development projects as part of the plan for the next 10 years." The plan would include $6 billion investment in exploration, $3.99 billion in developing existing oil and gas fields, $3 billion in refineries and $500 million to upgrade a petrochemical complex. NOC also planned to invest $680 million in expanding oil processing and transport facilities and $300 million to build new oil and gas facilities to meet rising domestic demand for oil and gas. Recalling that NOC had organised two road shows in 1999 and early this year to lure investors in the hydrocarbons industry, he said Libya aimed to "become the main recipient of foreign investment in the oil sector in the world". Long isolated, Libya is keen to attract foreign investment and has been promoting itself as an international player after United Nations sanctions were suspended last year following its handover for trial of two suspects accused of blowing up a US commercial airliner over Lockerbie, Scotland in 1988. With an average 1.4 million barrels per day (bpd) output, Libya wants to boost its capacity and find more reserves as maturing fields slow down. It offered out what it said was 70 percent of Libya's acreage for exploration in May. The NOC acting chief said 50 foreign companies had expressed "a serious interest" in exploration projects with another 15 wanting to invest in oil development projects. In the petrochemical sector, 77 companies had shown interest, he added. NOC intends to close end-November data rooms for blocks bundled into three packages which are expected to see fierce competition from oil firms. The packages include blocks in oil and gas-rich areas as well as under-explored acreage. A deadline of December 31 has been set for bids to be submitted for the packaged blocks, oil industry sources said. Data rooms for other blocks available in the latest licensing round are expected to stay open until further notice. Abdel-Karim effectively has been running NOC after its former head and long-standing Energy Minister Abdullah Salem al-Badri was appointed deputy prime minister in September. -Reuters brecorder.com