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 (1032)	4/27/1999 7:45:00 AM
From: Tomas	Respond to of 2742

Libya: Gas development - the new target Lloyd's List, April 26 ALREADY famous for its massive reserves of sweet crude oil, the North African state of Libya is now actively seeking foreign investment to develop its desposits of natural gas. Speaking at the CWC Associates "Oil and gas investments in Libya" conference in Geneva, former Venezuelan oil minister and event chairman Alirio Parra described Libya's largely untapped gas reserves as "a sleeping giant". The country is thought to have potential gas reserves of about 115trn cu ft in the deep horizons of the Sirte basin, offshore, the Cyrenaila platform and the Ghadames and Murzuq basins. Naser Ramadan, chairman of Agip Oil Co's management committee, told delegates that last year the National Oil Co (NOC) had secured funding to develop three previously discovered fields that had languished for up to 30 years due to lack of funding or market - namely, Faregh, Dahra/Jofra and Attahady. Mr Ramadan said NOC was seeking investment for other previously discovered major gas reserves including those in Block NC-98, the Bouri field, Field Phases I & II and the Atshan field. "The large gas infrastructure expansion projects that will be completed within the next five years will allow any commercial gas discoveries in most of the potential Libyan basins to be connected to the national gas pipeline grid. "This expansion is also allowing the creation of a substantial local market for gas in addition to connecting the Libyan network to the Italian, Tunisian and Egyptian markets in the long term," said Mr Ramadan. Potential investors, however, are likely to be nervous at the lack of legal framework for gas production, distribution and export. Abdalla El-Badri, Libya's energy secretary, said the current review of Libya's petroleum law would take account of gas. "Our present petroleum law is silent on natural gas. "The new law will cover that activity," said Mr El-Badri. Mr Ramadan added: "NOC will consider a different pricing mechanism for domestic and exported gas. We are willing to negotiate based on the individual cases that may arise. "This issue is still a virgin land and reputable companies would be very welcome to contact NOC to discuss it. "NOC is very willing to address this issue." Last summer, NOC revised its 10 year plan for gas production and utilisation that runs until 2010. The plan includes the completion of pipeline links, the export of gas to Italy from the Wafa field in 2003 and production start-up from a number of new developments including Faregh (2001), the Intisar gas cap (2006) and Blocks NC-41 and NC-98 (2004).