Canoel International Energy has announced that it is opening a representative office in Libya and is processing the opening of a local company registered under local Libyan laws.
Canoel has identified Libya as a country in which it will in the future seek to identify opportunities to conduct business and purchase exploration or production assets.
In Africa, Canoel already owns a small stake in Mafula Energy Ltd., a Zambia registered company, which has been awarded an exploration permit.
Andrea Cattaneo, the company's CEO, states:
"We are excited to start a settlement into Libya. We trust that this fast developing country will be a promising area where to deploy our exploration and & production skills."
Canoel's business plan is to grow through international acquisitions and exploration and to increase the production and reserves from its international inventory of oil and gas projects.
Libya's 2012 total oil and gas revenues are expected to be $54.9 Billion US Dollars.