Impressive Libya licensing round contained tough terms, no surprises

The Libyan exploration license round in January 2005 established a new historical landmark. License awards were based on a relatively new 4th generation exploration and production sharing agreement (EPSA IV). Competition was intense with an average 7 bids/block for 15 blocks in 5 basins (Fig. 1). Click here to enlarge imageThis impressive license round was the result of 3 key dynamics:1. High oil prices and high price expectations;2. Availability of new acreage that had been off the market for years; and3. Scarcity-few opportunities like this available any more.Analysis of this license round provides insight into the global marketplace for acreage in this new era of high prices and dwind...

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