Exxon Mobil, Eni, Pertamina BG Win Libyan Oil Permits
Bloomberg.com: Top Worldwide
Oct. 2 (Bloomberg) -- Exxon Mobil Corp. of the U.S. and China National Petroleum Corp. of China were among winners of permits to search for oil and gas at an auction in Libya, the country with Africa's largest crude-oil reserves.
Eni SpA of Italy was leading the bidding, with four permits. PT Pertamina of Indonesia, Nippon Oil Corp. and Mitsubishi Oil Co. of Japan, BG Group Plc of the U.K. and Statoil ASA (in a joint bid with BG) and Norsk Hydro ASA of Norway were among other successful bidders today in an auction that drew dozens of bidders.
Libya's government awarded the rights in Tripoli today. At least 49 companies registered to bid for permits in 26 onshore and offshore plots, covering 100,000 square kilometers (38,600 square miles), almost the size of Cuba. Companies will have to share the production of any field they discover with the government.
Libya, the eighth-largest oil producer of the 11-member Organization of Petroleum Exporting Countries, is seeking to attract $30 billion of investment to raise production this decade to 3 million barrels a day, from 1.7 million now.
It held the first auction for exploration rights in January. Until then, the nation awarded blocks after talks with companies. The auction today is the second held by Libya since oil was first discovered in the country in 1959.
Libya, a country slightly larger than Alaska, has proven crude-oil reserves of 39 billion barrels, equivalent to more than five years of U.S. consumption. Libyan Energy Secretary Fathi Ben Shatwan told Bloomberg on Sept. 19 that potential reserves may top 100 billion barrels as only 30 percent of the territory is covered by agreements with oil companies.
Occidental Petroleum Corp, Chevron and Amerada Hess Corp. won alone or with others 11 of the 15 permits auctioned, in the first bidding round since oil was discovered in Libya 46 years ago. Until then, the nation awarded blocks after talks with companies.
To contact the reporter on this story:
Maher Chmaytelli in Tripoli, Libya at mchmaytelli@bloomberg.net
Last Updated: October 2, 2005 13:11 EDT
Oct. 2 (Bloomberg) -- Exxon Mobil Corp. of the U.S. and China National Petroleum Corp. of China were among winners of permits to search for oil and gas at an auction in Libya, the country with Africa's largest crude-oil reserves.
Eni SpA of Italy was leading the bidding, with four permits. PT Pertamina of Indonesia, Nippon Oil Corp. and Mitsubishi Oil Co. of Japan, BG Group Plc of the U.K. and Statoil ASA (in a joint bid with BG) and Norsk Hydro ASA of Norway were among other successful bidders today in an auction that drew dozens of bidders.
Libya's government awarded the rights in Tripoli today. At least 49 companies registered to bid for permits in 26 onshore and offshore plots, covering 100,000 square kilometers (38,600 square miles), almost the size of Cuba. Companies will have to share the production of any field they discover with the government.
Libya, the eighth-largest oil producer of the 11-member Organization of Petroleum Exporting Countries, is seeking to attract $30 billion of investment to raise production this decade to 3 million barrels a day, from 1.7 million now.
It held the first auction for exploration rights in January. Until then, the nation awarded blocks after talks with companies. The auction today is the second held by Libya since oil was first discovered in the country in 1959.
Libya, a country slightly larger than Alaska, has proven crude-oil reserves of 39 billion barrels, equivalent to more than five years of U.S. consumption. Libyan Energy Secretary Fathi Ben Shatwan told Bloomberg on Sept. 19 that potential reserves may top 100 billion barrels as only 30 percent of the territory is covered by agreements with oil companies.
Occidental Petroleum Corp, Chevron and Amerada Hess Corp. won alone or with others 11 of the 15 permits auctioned, in the first bidding round since oil was discovered in Libya 46 years ago. Until then, the nation awarded blocks after talks with companies.
To contact the reporter on this story:
Maher Chmaytelli in Tripoli, Libya at mchmaytelli@bloomberg.net
Last Updated: October 2, 2005 13:11 EDT
posted by Marcel at 12:55 PM
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