LIBYA OIL & GAS MARKET OVERVIEW

Presentation on theme: "LIBYA OIL & GAS MARKET OVERVIEW"— Presentation transcript:

1 LIBYA OIL & GAS MARKET OVERVIEW
Bassam Drebika - United Energy Services Tripoli, Libya

2 Agenda Libya in Figures Market Overview Oilfields Map
Offshore Activity Current Business Opportunities Establishing a Business in Libya Questions & Answers

3 Libya in Figures Population : 6,310,434 GDP : 88.86 billion USD
Area : 1,759,540 km2 Population : 6,310,434 GDP : billion USD GDP : growth 6.3% GDP per capita (PPP) : 14,400 USD Unemployment : 20.7% Population below poverty line : 7.4% Inflation : 5.8% Exports : billion USD Imports : billion USD Exchange rate : Dinar/USD= 0.77 Source: The World Fact Book – Data

4 Market Overview (1) UN Sanctions against Libya were lifted in 2003 followed by full constrains removal by mid 2006, helping Libya attract greater foreign direct investment. Libya, in the past five years, have made progress on economic reforms as part of a broader campaign to reintegrate the country into the international fold. Libyan economy depends primarily upon revenues from the oil sector. which contribute about 60% of public sector wages. Libya was ranked first place, in BMI’s updated Upstream Business Environment rating, with a comfortable margin of three points: proven oil reserves region-topping oil reserves-to-production ratio (RPR) good licensing terms

5 Market Overview (2) State owned, National Oil Corporation (NOC), accounts for about half of the country’s oil and gas production and 100% of the country's refining capacity. Libyan oil & gas licensing rounds continue to draw high international interest; NOC set a goal of nearly doubling oil production to 3 million bbl/day by 2012. Libya still faces a long road ahead in liberalizing the socialist-oriented economy, but initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy.

6 Libya Oilfield Map & Licenses

7 Offshore Activity Exploration phase: CNPC area 17/4
Amerada area ,000 km of 2D marine seismic awarded to SCAN Japex            area 40/3&4 - conducted 2D & 3D seismic surveys BP  area 37, 38 & 39 - world’s largest 3D seismic acquisition and onboard processing contracts awarded to Wavefield inseis Drilling phase: Nippon area 2/1&2 - wildcat well is being drilled Petrobras        area 18 – wildcat well is being drilled by drillship Songa expected TD in Sep-09 Petramina     area 17/3 - wildcat well is being drilled ExxonMobil        area 20, 21 & 44 - completed 2D & 3D seismic - wildcat well is being drilled. Woodside area 35, 36, 52 and 53  - drilled 4 dry wells Repsol                  NC 129 & NC first offshore hydrocarbons discovery Production phase: Eni Bouri field on Block NC 41 - production since at 70,000 b/d Total Al Jurf field on Block C developed in 2003, producing 40,000 b/d.  

8 Establishing a Business in Libya
Using an Agent or Distributor Establishing an Office Representative Office Branch Office Entering as a Joint Venture/Joint Stock Company Entering Libya Under the Terms of Law No. 5 of 1997 (Encouragement of Foreign Investment)

9 Thank You For any questions or comments in regards to this presentation, please contact: Bassam Drebika Managing Director United Energy Services