Libya says Chevron and Oxy exit licenses

Sat Oct 2, 2010 5:10am GMT
 

By Ali Shuaib

TRIPOLI (Reuters) - Chevron Corp and Occidental have not extended their five-year oil and gas licenses in Libya, a senior executive with Libya's NOC state energy firm told Reuters.

Other companies whose licenses were not extended included Australia's Woodside Petroleum and Abu Dhabi-based Liwa Energy, NOC Exploration Director Hadj Fitouri said in an interview.

He said the companies which had agreed license extensions were Hess, Petrobras, Indonesia's Medco Energi, Oil India Ltd and Algerian state energy firm Sonatrach.

Chevron and Occidental were part of a first wave of foreign firms which rushed to invest in Libya's energy sector after sanctions were lifted but many of them have since failed to make any major oil or gas discoveries.

"Some companies have seen their deals extended but other firms did not want to extend their deals and are on the way to leaving Libya," Fitouri said in the interview.

"The companies have discovered a total of 2.161 billion barrels of crude oil and 7.877 billion cubic feet of gas during the five-year period," he said.

Another NOC official, Naim Gueriani, said those firms which had renewed their licenses had paid Libya about $133 million in fees for the extensions.

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