Canada's Verenex Energy targets first Libyan oil in 2011

摘要

Cape Town, South Africa-Canadian upstream company Verenex Energy said November 11 it expects first oil in 2011 from its fields in northwest Libya, where it has made nine discoveries, adding that the cost of developing the Area 47 project would be $800-$850 million. "Verenex believes that it is feasible to establish first oil production in 2011, subject to approvals and negotiation of transportation and marketing arrangements," the company said in a statement.