Libya oil chairman says terms for foreign explorers under review

|By:, SA News Editor

Libya is reviewing the terms it offers foreign companies to explore for and produce oil as it seeks more partners to boost output, says the chairman of the country's state-owned oil company.

Libya plans to hold its next bidding round for exploration rights in mid-2014, the country's first since Qaddafi's ouster in 2011; Eni (E), Shell (RDS.A, RDS.B), Exxon (XOM), Repsol (REPYY.PK) and Total (TOT) are among ~50 companies that won licenses in four earlier auctions from 2005-07.

Libya has Africa's largest proven oil reserves, but now produces only 200K-240K bbl/day, a fraction of the post Qaddafi-era high of 1.6M it reached last year, as worker protests over pay and promotions have crippled operations.