Libya to invite bids for oil concessions

Libya to invite bids for oil concessions

TRIPOLI- Agence France-Presse
Libya to invite bids for oil concessions

This photo shows the Mellitah Oil and Gas complex in the west of Tripoli. REUTERS photo

Libya plans to invite bids from foreign firms for oil concessions by the end of 2013, Oil Minister Abdelbari al-Arussi has said, adding that Tripoli wants to increase its OPEC output quota.

“We need some time to study the details, but we will probably announce the call for oil exploration offers in the fourth quarter of 2012,” he said in an interview on March 13.

Arussi reported “strong demand” from oil majors seeking to work in Libya, “a promising country with large surfaces which have not yet been explored, both on land and at sea.” Libya’s last energy concessions, the fourth in the country’s history, were granted in 2007 for natural gas exploration.

Libya to ask hike in OPEC production quota

The minister also said that Tripoli plans to request a hike in its OPEC production quota, from the current level of 1.5 million barrels per day (bpd) to 1.7 million bpd. “We will ask for an additional quota at the next OPEC meetings. Our aim is to reach 1.7 million bpd,” he said, adding that initial talks with the cartel have already started.