Libya OKs $9.9B Plan to Develop 24 Oil Fields

DUBAI (Zawya Dow Jones), Sept. 14, 2009

OPEC member Libya has approved a 12.1 billion Libyan dinar ($9.9 billion) plan that will see state-owned National Oil Corp., or NOC, develop and upgrade 24 oil fields in the North African nation.

NOC, its subsidiaries and current foreign partners will implement the plan to develop the oil fields that are "technically, financially and economically proven productive," the oil company said in a statement posted on its website.

No new parties would be allowed to participate in the project, which will be financed through loans from local banks, NOC said.

As part of the scheme, Libya, which holds Africa's biggest oil reserves at 43.7 billion barrels, will upgrade its Waha Jalou North field by 100,000 barrels a day and its Nafoura-Oujlaa-Khleej field by 130,000 barrels a day at a combined cost of 2.9 billion dinars.

The country is also looking at 13 other fields to see if they should be included in another planned development project.

Libya pumped around 1.55 million barrels a day of crude in August, according to the latest Dow Jones Newswires OPEC production survey.  

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