Technical and Contractual Presentations for the 4th Bid Rround Held in Libya

Technical and Contractual Presentations for the 4th Bid Round Held in Libya

08-14-2007

The technical and contractual presentations related to the Fourth Libyan Bid Round for EPSA (Gas) Agreements began . The contractual framework and technical details of the offered Areas and Blocks were explained as well as the conditions for submitting the related bids.

The presentation was attended by Dr. Shokri Ghanem, NOC Chairman, Management Committee members and specialists from NOC, Heads and Managers of the overseas oil & gas companies operating in Libya and representatives from international companies willing to participate in the 4^th Bid Round. The number of international companies which were represented in this event exceeded 60 companies from 25 countries.

In his speech, Dr. Ghanem indicated that this round is important because it is the first round specified for gas exploration and production and the offered areas are of good potentials. He added that also the increasing demand for gas within the international markets makes this bid round important, especially that Libya is located near the European markets. Dr. Ghanem also stated that the huge gas potentials in Libya is expected to make the country one of the major gas producers and exporters as the reserves are estimated to be 52 trillion cubic feet which may be increased.

Mr. A. Mesallati, NOC Management Committee member for Investments and JV Follow Up added that according to the expectations for the targeted upcoming period until 2020 the gas potentials are expected to be between 70 and 120 trillion cubic feet.

Presentations were given by NOC specialists on the Sirte Basin, Ghadames Basin, Murzuq Basin and Cyrenaica, as well as the offshore areas which consist of 12 areas which include 41 blocks. The contractual conditions were also detailed and explained. During the presentation NOC stated that the data room will be open at NOC headquarters in Tripoli from 9^th September until 23^rd September and only qualified companies and consortiums will have access to the data room. The bids opening ceremony will be held on 9^th December 2007 at Al Mahari Hotel in Tripoli in the presence of the legal representatives of the bidder companies, and the winners will be announced on the same day.