Tripoli, 5 September 2013:
In the . . .[restrict]lead up to the 2nd Libya Forum to be held 16-18 September at the Corinthia Hotel, Tripoli, Jenny O’Mahony , Head of Production, CWC Group Ltd interviewed Libya’s National Oil Corporation head Nurri Berruein.
What are the priorities for the NOC over the next year?
Our priorities are securing the field operations, securing the return of the service companies, and maintaining oil and gas production at the normal rates. We are also prioritizing the review of the 1955 Libyan Petroleum Law and the existing EPSA 4 contract model. And finally we are undertaking an assessment of the country’s existing and yet?to?find conventional and unconventional resources.
Can you describe progress made so far by the Petroleum Law Review Committee?
The Committee is still working and expected to publish their findings soon. They have communicated with many specialized agencies both local and international in order to benefit from their experiences
What can companies expect from the new licensing rounds?
Companies can expect attractive commercial fiscal terms founded on the basis of mutual interest, win?win relationships and maximizing partnership values.
Libya has vast shale resources. Will there be shale blocks available in the new licensing rounds?
The new Petroleum Law will make provisions for the exploitation of unconventional resources. However, NOC may, as an option, call upon the leaders in this field to conduct joint studies to assess the country’s shale gas and oil shale resources.
What opportunities exist for new market entrants in Libya?
Opportunities exist in all sectors of the oil and gas industry. That includes new exploration for oil and gas both onshore and offshore, all types of field and engineering services, along with opportunities in the downstream industry and in the long term, shale gas and oil.
Recent estimates suggests that Libya’s oil reserves, already the largest in Africa, could increase by another 10bn barrels. With such vast potential, what are the opportunities for new market entrants in Libya?
We should not believe everything publically published especially those related to reserves figures. What was recently published by the US EIA mainly talked about technical resources and more technical work studies are still required to upgrade these figures to possible reserves. NOC currently has a technical team reviewing the country’s oil and gas potential resources.
NOC is hosting the 2nd Libya Forum taking place in September in Tripoli. What types of companies would NOC like to see at the Forum?
NOC is open to meeting all interested IOC and service companies.
What message would NOC like to send to the international delegation at the Forum?
Libya is still an excellent place for investing in the oil and gas industry and other sectors in the country. The current security situation does not constitute any hindrance to investment in the medium and, of course, the long term. Our partners are eager to proceed with their programmes as soon as possible. long term.
To meet Dr Nurri and senior officials from NOC Libya and the Ministry of Oil & Gas register for the Libya Forum at
www.cwc?libya?forum.com
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