Libya is expected to launch new oil exploration and production sharing agreements (EPSAs) in 2015, said Abdulbaset Abadi, a member of the National Transitional Council’s (NTC) oil committee, at MEED’s Libya Focus Day in Dubai on 16 May.

The current EPSAs, launched in 2005, 2006 and 2007, are due to expire in 2012. The international oil companies, who signed them were granted an extension due to the conflict, which erupted in Libya in March 2011. Once this period expires, says Abadi, Libya will begin looking at a new round of exploration contracts.

Libya’s EPSAs traditionally have a five-year exploration period and if successful result in a 30-year production agreement.

In 2010, international oil companies drilled 90 oil exploration wells in Libya, with 36 in the Ghadames basin, 34 in the Sirte basin and 15 in the Murzuq basin. These resulted in 24 discoveries.