Libya to Invite Bids for Oil Concessions

By John Lee.

Libyan Minister of Oil and Gas, Dr. Abdulbari Alarusi [Al Arusi] (pictured), has told AFP that Libya plans to invite bids from foreign firms for oil concessions by the end of 2013.

He said there was strong demand from oil majors wanting to work in Libya, which he described as "a promising country with large surfaces which have not yet been explored, both on land and at sea."

The Minister added that Tripoli plans to request a hike in its OPEC production quota, from the current level of 1.5 million barrels per day to 1.7 million bpd, and said that initial talks with the cartel have already started.

"Our priorities are, firstly, to maintain the current production level through regular maintenance and developing oilfields, and then security ... There have been certain incidents but this happens all around the world. Overall, Libya is a secure country."

(Source: AFP)

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