Tripoli launches third oil round

18 August 2006
National Oil Corporation (NOC) on 14 August launched its third oil and gas exploration licensing round since the lifting of international sanctions in 2004. International oil companies (IOCs) have until 20 December to submit bids for 14 exploration licences, covering 100,430 square kilometres in 12 offshore and 29 onshore blocks. Prequalification documents from interested companies must be submitted by 9 September, following technical seminars in late August in London and Tripoli. NOC will announce on 22 September the names of companies selected to bid.

Bids will be opened in public on the day of submission. Exploration and production sharing agreements (EPSAs) are expected to be signed between NOC and the successful bidders in January 2007.

NOC is offering the same EPSA-IV contract model that was used in its two previous post-sanctions bid rounds, when 38 licences were awarded (MEED 7:10:05) .

Tripoli is seeking to raise oil production to about 2 million barrels a day (b/d) by 2007 and 3 million b/d by 2015 from about 1.7 million b/d in 2005. Libya has proven oil reserves of about 39,100 million barrels.

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