Oxy Oil & Libya National Oil Company

from the Libya natinal Oil Company Web site, this is almost a year old, but of recent interest as the bidding for the Libyan oil leases approach their fourth round...

-Shimron

Dr. Shokri M. Ghanem, Chairman of the National Oil Corporation met Mr. Casey Olson, President, Oxy Oil and Gas Eastern Hemisphere on 29/10/2006. Engineer Ahmed H. Aoun, Member of the Management Committee for Planning, Studies and Projects, NOC and Mr. Paul MacInnes, President and General Manager of OXY Libya, LLC were present.

The meeting was arranged to present views and discuss proposals on the company's activities in Libya. The discussion ranged over various topics, such as

• the progress on the EPSA IV
• the increase in production and the impact of the fluctuating oil price on investment

Mr. Olson revealed that OXY Libya achieved a 40% increase in the seismic survey and a 50% increase in drilling operations, he also emphasized that his company has participated in the Third Bidding round for Exploration and Production which will be announced this coming December .

Furthermore, he announced that two thirds of next year company exploration budget will be allocated to operating and investing in Libya.

Dr. Ghanem suggested the establishment of a joint social fund, to be sponsored by the oil companies operating in Libya for the benefit of some Libyan institutions and Mr. Olson expressed his approval of this proposal.

Here is the rest

-Keep this in mind as the next round of bidding proceeds...

-Shimron