Seeking Alpha

Libya oil chairman says terms for foreign explorers under review

  • 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.
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