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LICENSES IN LIBYA: OCCIDENTAL COMES OUT ON TOP
- Article from:
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Hart's Petroleum Finance Week
- Article date:
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February 7, 2005
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Copyright informationCopyright Phillips Business Information, LLC Feb 7, 2005. Provided by ProQuest LLC. (Hide copyright information)
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Occidental (NYSE: OXY) succeeded in winning nine of the 15 licenses awarded in Libya's first licensing round last week. Oxy, along with the UAE's Liwa, won rights to five onshore blocks, with a 90% stake, one in the Cyrenaican Basin and two each in Murzuk and Sirte, and 35% stakes in four offshore blocks with operator Woodside (OTCBB: WOPEY), 55%, and Liwa, 10%.
Oxy's success is proof positive that doing business in Libya can be accomplished. Omar Turbi, president and chief executive of California-based Orbit Systems spoke on the complexities of the Libyan regime at a Houston World Affairs Council meeting recently.
"The structure of the Libyan regime is very complex," Turbi said. ...
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