Libya Delays Oil Licensing to Q1 2014

Libya expects to announce the terms of its new oil licensing round in early 2014, according to Deputy Oil Minister Omar Shakmak.

Officials have previously said they hoped to invite bids for new exploration blocks by the end of the year.

Reuters reports that they are in the process of collecting feedback from foreign oil firms to update the terms of the previous so-called EPSA IV contracts, which many have complained are too stringent.

But the minister clarified that there will be no adjustment to existing contracts.

Libya's oil reserves are estimated to be the largest in Africa.

(Source: Reuters, Dow Jones)

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