Libya to Open Eight Oil Projects to Bidders

A senior Libyan oil official said Libya plans to hold an auction by the middle of the year to draw foreign investment into eight oil and gas projects, The New York Times reported in its Wednesday editions.

Speaking by phone from an industry conference in Houston, Tarek Hassan-Beck, director of planning at the National Oil Company of Libya, said he was leading a government group that was completing the terms of an open auction for eight projects across the country and off the coast. While the proposed projects, or blocks, are not producing at this time, they are near producing wells within what Hassan-Beck called "prolific basins," the paper reported.

The Times added that the easing of sanctions against Libya allows U.S. oil companies to revive their participation in Libya.