September 10, 2009 / 4:50 PM / in 9 years

Libya says to invest $10 bln to develop oilfields

RABAT, Sept 10 (Reuters) - Libya would invest 12.1 billion dinars ($9.92 billion) to develop 24 oilwells the government described as “technically, financially and economically proven productive fields”, state news agency Jana said on Thursday.

Only state-owned National Oil Corporation (NOC), its subsidiaries and current foreign partners would take part in the development oil scheme, Jana added, quoting an official statement issued after a cabinet meeting.

“No new parties would be allowed to participate in that plan,” said Jana, monitored in Rabat.

The statement named what it called main oilfields among the 24 wells involved in the development programme as Waha-Jalou North field which would see its production capacity up by 100,000 barrels per day (bpd) and Nafoura-Oujlaa-Khleej field to add 130,000 bpd of output capacity.

Development investment in both fields would cost 2.9 billion dinars, it added.

“On top of that, NOC is tasked with carrying out a study of 13 other fields to find out whether they would be included in another development plan,” Jana said.

Jana did not give a timeframe for the planned development effort but government officials had said earlier the cabinet had drafted a 2009-2013 plan for NOC to boost oil production.

The money would be borrowed from domestic banks, Jana said.

Libya, an OPEC member, pumps about 1.7 million bpd of oil. (Writing by Lamine Ghanmi; Editing by Keiron Henderson)

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