No Result
View All Result
Sunday, July 13, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

NOC plans to attract foreign shale gas investors still in early stages

byCallum Paton
December 18, 2013
Reading Time: 2 mins read
A A

By Callum Paton.

Tripoli, 11 December 2013:

The exploration manager for the National Oil Corporation (NOC), Bashir Garea, has said at a shale . . .[restrict]gas conference in Abu Dhabi that he expects joint venture stakes of around 40 percent for foreign partners as the corporation looks to tap into the country’s vast shale reserves.

Speaking to the Abu Dhabi daily The National, Garea has said that shares in shale exploration of 10 or 15 percent, similar to those currently held by a number of international energy companies in joint oil ventures, would be uneconomical and fail to attract foreign investors.

Meanwhile Mohammed Al-Harari, spokesman for the NOC, has told the Libya Herald that Garea must have been misunderstood. He added that while the extraction of shale reserves is an important aspect in the framing of the country’s long expected petroleum law there is still a great deal to be decided before any commitments can be made.

RELATED POSTS

BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

Libyan olive oils win gold in Abu Dhabi’s 2025 International Afro-Asian Olive Oil Competition

The NOC was “still in a stage where we are studying the possibilities,” he said. “All doors are open, everything is on the table but we need a solution which is good for Libya and good for our partners.”

Shale gas was still “a very new resource and there is nothing in the existing petroleum laws about it,” Harrari added. “We understand that we have a great opportunity in shale gas but let us build our country first,” he concluded.

Libya has estimated shale gas reserves of 122 trillion cubic feet, double its conventional gas reserves. Garea said that tapping into these reserves would “solve the issue of unemployment in the country because it requires a lot of manpower”.

Garea was reported in The National as having said the NOC had learnt from seeing foreign partners abandon conventional hydrocarbon projects, such as Royal Dutch Shell’s exit from two exploratory blocks last year.

“Unfortunately, the IOCs [international oil companies] had very low shares, and then when drilling started and the results were not as expected they started complaining about low shares,” the Abu Dhabi daily also quoted him as saying.

Garea has contacted this newspaper to say he never mentioned Royal Dutch Shell while he attended the shale gas conference in Abu Dhabi.

Note: this copy contains a correction. The article previously stated Bashir Garea had “commented that the NOC had learnt from Shell’s withdrawal from two exploratory blocks last year over low shares”. This passage was amended after Garea contacted this newspaper to say that no such comment had been made. The Libya Herald would like to apologise for this error.  [/restrict]

Tags: Abu DhabiLibyaNOCshale gasShell

Related Posts

CBL receives results from meetings with international banks
Business

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

July 11, 2025
Preparations for the second ‘‘Made in Libya’’ edition in Niamey, Niger progressing
Business

“Made in Libya” exhibition to be held in Benghazi from 10 to 13 August

July 11, 2025
Sirte and BACB to improve cooperation
Business

Sirte Oil completes drilling of horizontal well in Zilten field producing 1,985 bpd using local cadres

July 11, 2025
Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges
Business

Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

July 10, 2025
Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions
Business

Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

July 10, 2025
NOC announces force majeure at Zawia port
Business

Libyan Fertiliser Company’s urea plant achieves a 95 percent production rate

July 10, 2025
Next Post

Derna customs officer murdered

Renault launches Lodgy and Duster SUVs at Tripoli Motor Show

Renault launches Lodgy and Duster SUVs at Tripoli Motor Show

ADVERTISEMENT

Top Stories

  • Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement

    All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Aldabaiba opens First Phase of Tripoli’s Third Ring Road

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.