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

To: Tomas who wrote (995)	4/13/1999 4:08:00 PM
From: Tomas	Respond to of 2742

UK oil firms target Libya for expansion Lloyd's List, April 12 By Amy McLellan The imminent lifting of the UN sanctions regime in Libya looks set to trigger a flood of investment by British oil companies anxious to strike deals in the oil-rich North African country. UK oil company, Lasmo, which expects its massive Elephant field in southwest Libya to come on stream next year, has already expressed an interest in securing further exploration acreage. "Being able to fly in and out will make the life of our people out there that much easier. "And this may enable us to upgrade the facilities around the port of Az Zawiyah, just west of Tripoli, to make exports easier. "It may also make it easier to get hold of certain bits of equipment, like storage buoys," a spokesman for the firm said. He added: "The downside, of course, is all the attention this has been getting that may encourage other companies to see Libya as an easier place to do business now and increase the competition for us." Lasmo is sending a team of senior officials to Geneva later this month to attend a conference on oil and gas investments in Libya, at which high-ranking figures in the Libyan government will be speaking. Representatives from BP Amoco, Shell and Enterprise Oil are also expected to attend the conference. It is not only British companies that are seeking opportunities in Libya. European rivals, including Total and Elf of France, Repsol of Spain, Austria's OMV and Sweden's Lundin Oil, already hold acreage in the country and will be seeking to strengthen their positions. Eni, the Rome-based energy group, is particularly well-placed as Colonel Muammar Gadaffi has said that Italian companies will be given priority in lucrative contracts to upgrade oil installations and other infrastructure. Libya is attractive to European companies because their US competitors are barred from investing there under a Washington-imposed sanctions regime.