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

To: Tomas who wrote (2412)	5/17/2001 1:55:06 PM
From: Tomas	Respond to of 2742

OT: OMV Says Makes Big Oil Find in Libya VIENNA, May 17 (Reuters) - Austrian oil and gas group OMV said on Thursday it and its partners had made another significant oil discovery in Libya. The column in the Hawaz sandstone formation was found at well A-2, the third well drilled in block NC-186, and has flow rates of up to 2,670 barrels of oil per day with a one inch choke on natural flow, OMV said. Spain's Repsol is the operator for the exploration blocks NC-186, NC-187 and NC-190 in the Murzuk Basin on behalf of a group of four European companies including OMV, France's TotalFinaElf and Norway's Saga Petroleum. ___________________________________ Repsol-YPF Confirms New Oil Find in Libya By Jonathan House MADRID, May 17 (Dow Jones Newswires) - Spanish-Argentine oil and energy group Repsol-YPF (REP) Thursday said it has confirmed a new oil find in Libya. The company said it has finished drilling oil well A2 in the field NC-186 in the Murzuq river basin, 800 kilometers south of Tripoli. The NC-186 field covers 4,300 square km. A2 is the third well drilled by Repsol in the NC-186 field, and in production tests, it produced an oil flow of 2,670 barrels a day. Repsol participates in a consortium with Libya's National Oil Co (O.NOI), Austrian oil company OMV AG (R.OMV), TotalFinaElf (TOT) and Norway's Saga Petroleum Mabruk. Together, the companies are developing three oil fields in the Murzuq river basin: NC-186, NC-187 and NC-190. The consortium started operating the NC-186 and NC-187 oil fields in May 1998, and the NC-190 field in August 2000.

To: Tomas who wrote (2412)	5/17/2001 1:58:42 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Libya: Country Attractive to Oil Companies Panafrican News Agency, May 16 International oil companies have voted Libya as the most attractive country for exploration activities in the world. In a recent annual confidential survey conducted by the British Robertson Research International, Iran, Algeria, Egypt and Iraq emerged among best 10 countries. The survey gauges the level of interest in new ventures across 146 countries outside North America. Robertson estimates Libya's undiscovered hydrocarbon reserves to be anything up to 3 million million cubic metres (equal to 18,870 million barrels of oil), making it one of the richest areas in the world for new exploration and production opportunities. Tripoli is planning to increase its production over the next five years to 2 million barrels a day from around 1.4 million b/d today. Proven reserves are now estimated at 29.500 million barrels of oil. However, the country's neglected pipeline and processing infrastructure would first need significant investment if this target is to be achieved. State owned oil operator National Oil Corporation (NOC) has earmarked 1,500 million US dollars for the development of the sector over the next five years but has yet to announce details. Oil companies are eagerly awaiting NOC's decision on the allocation of licences for the development of three packaged exploration blocks in the Murzuq, Sirte, Kufra, Ghadames and Cyrenaica basins. In addition to the packaged areas, NOC is also expected to award concessions for 137 smaller un-packaged blocks, covering an unexplored area of 835.000 square kilometres. Interest also surrounds the prime acreage in the Sirte basin held by the Oasis group of US producers, which has remained redundant since sanctions were imposed in 1986. The current Iran-Libya Sanctions Act, brought into force in 1996-is up for review in August and NOC is keen to see the Oasis group's concessions developed. If ILSA is renewed and NOC loses patience with Washington, Europe's oil majors are expected to quickly take advantage, sources say.