Weak Response To Libya's Latest Round

摘要

Libya last week announced the results of its fourth Epsa-4 licensing round and revealed that Petro-Canada had become the latest upstream operator in Libya, after Eni and Occidental, to convert its old upstream agreements to the new Epsa-4 format (PIW Nov.5,pl). Petro-Canada's new deals with Libya's National Oil Corp. (NOC) center on a 1 billion signature bonus, a 12% production entitlement and an agreement in principal to undertake a 7 billion redevelopment program - split 50-50 with NOC - to double output at existing fields to 200,000 b/d, plus a commitment to spend 460 million on exploration in other Sirte Basin acreage. The company also negotiated an extension of its contracts for 30 years from January 2008. Most had been due to expire in 2015.