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Home Oil & Gas

No New Oil Agreements Before Mid-2014

18th September 2013
in Oil & Gas
No New Oil Agreements Before Mid-2014
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National Oil Corporation (NOC) Chairman Nuri Berruien [Nuri Balrwin] (pictured), has confirmed that there are to be no new exploration-production sharing agreements (EPSAs) before mid-2014.

Answering questions at the end of a conference in London, he added that this would probably be “during a constitutional government”, implying that the current “interim” government is not deemed constitutional enough or does not have the authority or legitimacy to launch an EPSA bidding round, according to Libya Herald.

He added that he hoped for a “win-win” situation for both the NOC and the international oil companies, admitting that the current EPSAs had problems for both parties and hoped that the new EPSAs would “encourage long-term development”.

(Source: Libya Herald)

(Photo Credit: Marcopolis)

Tags: EPSA VNational Oil Corporation (NOC)Oil Contracts

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