Libya granted on Saturday its first oil exploration licenses in over four decades, awarding 15 permits to foreign companies, with US companies taking the lion's share.
Occidental Petroleum Corp of the United States picked up five licenses, and shares rights in four others with the Australian company Woodside Petroleum Ltd.
ChevronTexaco received a license to explore the Marzouk basin south of the capital Tripoli. The US company Amerada Hess also won a license.
India Ltd and India Corp received a license to explore the Syrte region.
Verenex Energy Inc of Canada, Algeria's Sonatrach, and Medco Energy International of Indonesia also won licenses.
The 15 licenses give rights to search for oil over 127,000 km2 of territory.
With Africa's largest reserves, Libya is seeking massive investment to boost its oil sector, whose development was stunted under international sanctions imposed following the bombing of a Pan Am passenger jet over Lockerbie, Scotland in 1988.
With those sanctions eased after Libya agreed to pay the victims millions of dollars in compensation in 2003, the country held its first tender for exploration licenses since oil was found in 1959.
Each company that received a license is expected to invest US$750 million into exploration, with much more for extraction of any oil found. The Libyan government is to get part of any oil produced.
Prime Minister Shukri Ghanem, who opened the ceremony of awarding the licenses, said Libya has opted for a policy of open communication and the objective is "total transparence."
DETERRENCE: With 1,000 indigenous Hsiung Feng II and III missiles and 400 Harpoon missiles, the nation would boast the highest anti-ship missile density in the world With Taiwan wrapping up mass production of Hsiung Feng II and III missiles by December and an influx of Harpoon missiles from the US, Taiwan would have the highest density of anti-ship missiles in the world, a source said yesterday. Taiwan is to wrap up mass production of the indigenous anti-ship missiles by the end of year, as the Chungshan Institute of Science and Technology has been meeting production targets ahead of schedule, a defense official with knowledge of the matter said. Combined with the 400 Harpoon anti-ship missiles Taiwan expects to receive from the US by 2028, the nation would have
North Korea yesterday fired about 10 ballistic missiles to the sea toward Japan, the South Korean Joint Chiefs of Staff (JCS) said, days after Pyongyang warned of “terrible consequences” over ongoing South Korea-US military drills. Pyongyang recently dashed hopes of a diplomatic thaw with Seoul, Washington’s security ally, describing its latest peace efforts as a “clumsy, deceptive farce.” Seoul’s military detected “around 10 ballistic missiles launched from the Sunan area in North Korea toward the East Sea [Sea of Japan] at around 1:20pm,” JCS said in a statement, referring to South Korea’s name for the body of water. The missiles
‘UNWAVERING FRIENDSHIP’: A representative of a Japanese group that co-organized a memorial, said he hopes Japanese never forget Taiwan’s kindness President William Lai (賴清德) yesterday marked the 15th anniversary of the Tohoku earthquake and tsunami, urging continued cooperation between Taiwan and Japan on disaster prevention and humanitarian assistance. Lai wrote on social media that Taiwan and Japan have always helped each other in the aftermath of major disasters. The magnitude 9 earthquake struck northeastern Japan on March 11, 2011, triggering a massive tsunami that claimed more than 19,000 lives, according to data from Japanese authorities. Following the disaster, Taiwan donated more than US$240 million in aid, making it one of the largest contributors of financial assistance to Japan. In addition to cash donations and
CLOSER TO CHINA: The upgraded Type-12 missile has a range of about 1,000km, compared with the original model’s range of 200km, and can reach mainland China Japan is preparing to deploy its first batch of domestically developed long-range missiles, with their launchers arriving at an army camp yesterday, as the country accelerates its offensive capability in response to rising challenges in the region. The upgraded Type-12 land-to-ship missiles are to be deployed at Camp Kengun in Japan’s southwestern prefecture of Kumamoto by the end of this month, completing the process of deployment, Japanese Chief Cabinet Secretary Minoru Kihara said without giving details. Army vehicles carrying the launchers and other equipment arrived past midnight in a highly secretive mission criticized by residents. Dozens of people stood outside of the
RSS