Reuters reports that Libya plans to improve the terms for foreign oil companies ahead of its next licensing round, which could begin as early as the third quarter of 2013.
OPEC member Libya has reserves of over 40 billion barrels, but analysts have warned that some of the toughest terms in the business could act as a deterrent for companies, some of which have yet to return after the 2011 civil war.
Libya’s new Oil and Gas Minister, Dr. Abdulbari Alarusi [Al Arusi] (pictured), has made it a top priority to consult with foreign oil firms on how to make the country more attractive:
"I've met different people from foreign companies, and they are complaining about EPSA IV (the last round of Exploration and Production Sharing Agreements), like Shell for instance. For EPSA V, there will be better conditions.
"I would say August or maybe July we will start looking for bids."
Asked last week whether Libya is likely to see another licensing round within the next 15 months, he said, "Could be, I am not sure, could be; it depends on the situation here in Libya".