By Sami Zaptia.
Tripoli, 19 June 2013:
Libya’s Deputy Minister of Oil, Omar Shakmak, said that he anticipates that Libya will announce the . . .[restrict]terms of new EPSAs at the beginning of 2014, Reuters reports.
Speaking at a conference in London yesterday, Shakmak said that the new terms will not replace existing contracts and that Libya was seeking inputs from its current partners to help improve the new EPSA terms.
This latest announcement by the Deputy Oil Minister puts to rest the possibility of any EPSAs being offered before the end of 2013.
At a conference in Tripoli in May, the NOC head Nuri Berruien had reconfirmed that a “committee was studying the new EPSA which should be ready by the end of the year”. However, it is clear with Shakmak’s announcement yesterday that the new terms will not be offered before the start of 2014. [/restrict]