Libya Business News
Wednesday, February 8, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Oil & Gas

EPSA 4 Model "Not a Viable Option" for Libya

3rd November 2012
in Oil & Gas
EPSA 4 Model "Not a Viable Option" for Libya
Share on FacebookShare on Twitter

In 2005, when the first exploration round came out, Libya appeared to be very attractive and companies bid competitively. Dr. Charles Gurdon, Managing Director of MENAS Associates, recently participated in an interview with The Energy Exchange to discuss Libya's options to attract IOCs as well as the opportunities that present themselves for IOCs in North Africa.

According to Dr. Gurdon, the EPSA 4 does not provide attractive or viable commercial terms for IOCs to continue to operate in Libya.

"Unless they find oil or gas while finishing their current work programmes, most of the existing non-producing IOCs working in Libya will leave the country once their work programme is complete," said Dr. Gurdon. "They will probably be replaced by a smaller number of new companies who will try to enter the country on the back of bilaterally negotiated deals but only if the terms are more attractive than EPSA 4."

The EPSA 4 is the most recent contractual model used by the NOC to govern contracts with IOCs operating in Libya. Under this framework, winners are now determined largely based on high a share of production a company was willing to offer the NOC.

Currently however, Libya is likely to go through a difficult time in the next six months as they choose a new cabinet. Once that cabinet is commissioned and security issues resolved, developing the oil and gas industry can begin to proceed in the right direction.

Dr. Gurdon said: "The NOC in the past had to be more powerful than the ministry, which was certainly the case under Shoukri Ghanem, who did not want any interference from the Ministry which had to be weak. I think now we are going to have a situation where the new government would want to bring the NOC more under its control than in the past."

Page 1 of 2
12Next
Tags: EPSA IVOil Contracts

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.