See also:
» 24.03.2011 - How cyber-activism lent savvy to North African protests
» 16.02.2011 - Nascent Libya protests spark enthusiasm
» 24.03.2010 - Nuclear technology for irrigation in Libya, Algeria
» 02.12.2009 - Swiss nationals get jail terms in Libya
» 23.11.2009 - Libya and FAO sign $71 million development deal
» 23.03.2009 - Libya to recruit Bangladesh workers for dev projects
» 04.03.2009 - Parliamentarians delay Gaddafi’s oil revenue plan
» 18.12.2008 - Africa commits to water development to fight hunger

China wholesale online through

Houlihan's coupons

Finn autentiske matoppskrifter fra hele verden på
Gazpacho Børek Kartoffelsalat Taboulé Gulasj Albóndigas Cevapi Rougaille Japrak sarma Zwiebelbrot Klopse Giouvetsi Paella Pljeskavica Pica pau Pulpo a la gallega Flammkuchen Langosj Tapenade Chatsjapuri Pasulj Lassi Kartoffelpuffer Tortilla Raznjici Knödel Lentejas Bœuf bourguignon Korianderchutney Brenneslesuppe Proia Sæbsi kavurma Sardinske calamares

Autentiske matoppskrifter fra hele verden finner du på
Réunion Portugal Aserbajdsjan Serbia Tyskland Seychellene Bosnia Spania Libanon Belgia India Kroatia Hellas Italia Ungarn Komorene Georgia Mauritius Østerrike Romania Frankrike

Technology | Economy - Development

Libya seals 30 year deal on oil exploration

afrol News, 24 June - Libya state owned Oil Company has sealed a 30 year agreement with US based Occidental Petroleum Corporation to upgrade the country’s existing petroleum contracts.

Libya’s National Oil Company (NOC) and Occidental signed five agreements, which cover fields with approximately 2.5 billion barrels of recoverable high-quality oil reserves. The agreement would also allow both parties to design and implement major field redevelopment and exploration programs in the prolific Sirte Basin.

A statement by NOC said an accord was direct resultant of NOC's negotiations to modify and improve previous accords in oil exploration in the country.

NOC's Chairman Shokri Ghanem said improvement of accord conditions are in favour of Libya's interests according to changing circumstances of oil market and evolution of contractual relations between oil producing countries and international oil firms.

“This pattern of agreements is based on cutting sharply foreign shares which decrease further when output rises," he said.

Occidental chairman and Chief Executive Officer Dr. Ray R. Irani said new agreements are an important step toward Libya's near-term goal of maximizing oil production in its rich oil fields.

Occidental said after capital investment of about US$5 billion over the next five years, ‘gross production in oil field is expected to triple from current production to 300,000 barrels per day to more than 3 million barrels per day in the near future’.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in United States, Middle East/North Africa and Latin America regions.

It began its operations in Libya in 1965 and continued operating until US sanctions were imposed in 1986. Oxy was the first US Company to resume oil operations in Libya after sanctions were lifted in 2004.

- Create an e-mail alert for Libya news
- Create an e-mail alert for Technology news
- Create an e-mail alert for Economy - Development news

    Printable version

On the Afrol News front page now

Rwanda succeeds including citizens in formal financial sector

afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.

Famine warning: "South Sudan is imploding"

afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
Panic in West Africa after Ebola outbreak in Guinea

afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
Ethiopia tightens its already strict anti-gay laws

afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
Ethiopia plans Africa's biggest dam

afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.

front page | news | countries | archive | currencies | news alerts login | about afrol News | contact | advertise | español 

©  afrol News. Reproducing or buying afrol News' articles.

   You can contact us at