Joined: 05 Oct 2005
Posts: 315
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San Ramon-based Chevron Corp. (CVX) is among international oil companies that Libya, holder of Africa's largest oil reserves, invited to bid for rights to explore for oil and gas in 14 offshore and onshore sites.
The total area of the plots is 38,409 square miles, state-owned Tripoli-based National Oil Corp. said on its Web site Monday. National Oil invited foreign companies to submit their offers Dec. 20 in Tripoli. The Libyan authorities will open the bids in a public ceremony on the same day to announce the winners, it said. It's Libya's third drilling-rights auction since 2004, when the United States lifted economic sanctions imposed on the north African state in the 1980s because of alleged sponsorship of terrorism. Libya, which is slightly bigger in size than Alaska, is the eighth-largest producer in the 11-member Organization of Petroleum Exporting Countries. It is Africa's second-largest oil producer, behind Nigeria. |
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