Sep 27 2005 |
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Libya to Pump $7 Billion to Increase Oil Reserves By 50% in Next Decade
Beirut (APD) - Libya will pump $7 billion in an oil exploration program to increase its oil reserves by 50% in the next decade, said Hassan-Beck, a senior official at the state-owned National Oil Corporation (NOC) Monday."We intend to boost production to 3 million bpd from 1.63 million bpd at the present time," Hassan-Beck added while speaking on the sidelines of the oil international conference in Johannesburg on Monday.
"We have plans to explore 20 billion barrels of oil from now until 2015," Hassan-Beck added.
"We're preparing for a very active and promising decade," said Beck, who estimated Libyan oil reserves at 39.5 billion barrels and gas reserves at 54 trillion cubic feet.
"We have completed the first round of offers for oil exploration licenses which covered 57 areas in last January. The second round will begin next October. We will launch two rounds each year. We still have 261 areas to explore besides those of the first and the second round," Hassan-Beck stated.
But from Algeria's Sonatrach to Brazil's Petroleo Brasileiro, to Japan's Nippon Oil Corp and almost all the big names in the industry, everyone wants a piece of the pie.
"We are looking for investors to boost the production capacity of Al Zawya refinery by 95,000 bpd. The refinery has a capacity of 120,000 bpd at present," Beyk said, adding "we are negotiating with international companies... and we are ready to negotiate a share in the refinery and we want investments." [FC]
By Shikrallah Nakhoul, APD Staff
© APD (Arab Press Digest) 2005
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