Written by Libya Times    Monday, 28 September 2009 00:00    PDF Print E-mail
Libya Allocates 9 Billion Dollars to develop Oil Fields

The Libyan News Agency reported that the Libyan Government appropriated 9.9 billion dollars for developing and restoration of 24 oil fields. The decision was taken during discussion of programs of national Oil Corporation concerning exploration, developing of discovered fields, restoration and development of oil and gas production.
The financing will be through lending from domestic banks, provided that the Oil Corp manages all operations through national companies or associated companies with no new companies.

The main oil field which will be developed is the field North Jalo-Alwaha by increasing its production capacity 100,000 barrels a day and another field Alnafourah Ojalah-Alkhaleej with addition of 130,000 barrels a day. The cost of the two fields is estimated to be 2.9 billion dinars.
The Libyan Government assigned the Oil Corp to study another 13 fields for development and restoration.

 

 

 
Last Updated ( Thursday, 24 December 2009 15:16 )