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International companies flock to Libya for oil investment bids

The first round of the public announcement of the blocks offered for investment in oil exploration fields across Libya was held yesterday in Tripoli. "The offer is in line with the development of Great Jamahiriya oil reserves, and increasing oil and gas production capacities," JANA reported yesterday.

the report added "In the inaugural session of the round, organized by National Oil Corporation, Libyan engineers introduced the blocks offered for investment including 6 off shore and 9 in land blocks which included Murzuq, Ghadams, Serte, Kufra, and Batanan."

The report added "The rapportuer of the NOC's Negotiations Committee told Jana reporter that this round was in line with the new approaches adopted by the NOC to make tender to for oil investment, to world main specialized companies, saying that this is the first time that Great Jamahiriya introduces such system, i.e public announcement system, or the competitive system to world companies."

The report added "The offers not only include off shore regions, but very deep into the sea, as much as 1000 meters down, whereas previous exploration did not exceed 160 to 180 meters deep."

It added "The rapporture expected to stricke deals at the end of this round because oil potentials in these regions are very encouraging."

The report said "The participation in the first round was remarkable, whether by world companies already present in Great Jamahiriya or those coming for the first time from Asia and the Americas."

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