Uchenna Izundu
International Editor
LONDON, Aug. 16 -- Libya has invited operators in London to bid for acreage under its fourth licensing round, but this time it focuses on natural gas. The deadline for applications is Nov. 30.
Libya's National Oil Corp. is offering 41 blocks off Libya, in the Sirt, Ghadames, Murzuq, and Cyrenaica basins, all of which are believed to be gas prone. NOC is keen to increase its gas production as international gas demand expands and consumers look to diversify gas supplies.
Libya holds 53 tcf of gas reserves, and its gas sector is relatively undeveloped. The country is hoping to boost gas production to 3 bcfd from 2.7 bcfd by 2010, with a potential for 3.8 bcfd by 2015.
NOC hopes another 70-120 tcf of gas can be found by 2020. It is eager to attract investment from larger operators that can bring integrated technology and knowledge to help increase oil and gas production following years of international sanctions.
Companies from Canada, Norway, Britain, Thailand, Japan, India, Algeria, and the UAE have so far shown an interest. Libya expects to name the winners on Dec. 9 in Tripoli.
Contact Uchenna Izundu at [email protected].
