Libya qualifies 47 foreign companies for third oil and gas licensing round
Libya has qualified 47 companies to compete in its third oil and gas licensing round, Reuters quotes a statement of the National Oil Corporation published on its website on Sunday (October 1st). A total of 70 applications have been received from oil companies worldwide interested in possible exploration and production sharing agreements. The results will be announced December 20th.
After the lifting of US sanctions, Libya announced three oil and gas licensing rounds for attracting foreign investments in the sector in a bid to increase its oil output capacity to more than 3 million barrels per day by 2010-2012. The country, which has estimated reserves of 37 billion barrels, currently produces 1.6 million barrels per day. (Reuters)
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