Libya Approves Third Bidding Round Outcome

Libya's Board of Oil and Gas Affairs has approved the outcome of the Third Bidding Round for oil and gas exploration (through EPSA agreements), which took place on Dec. 20, 2006, and resulted in the award of 10 onshore and offshore blocks.

Meeting Sunday in Tripoli, the Board also discussed the issue of investment participation in the development of the petrochemical, fertilizer and gas liquefying industries.

The Board specifically approved the participation in developing the Ras Lanuf Petrochemicals Compound, Marsa Al-Brega Compound and the Gas Liquefying Plant. It also agreed on the means of financing projects for oil field development and emphasized NOC's continuing implementation of the development program for oil sector employees, which was previously approved by the Board.