{"id":{"repo_id":"tdl","oai_identifier":"oai:tdl-ir.tdl.org:2152/132240"},"canonical_url":"https://search.dev.ndltd.org/etd/tdl/oai:tdl-ir.tdl.org:2152/132240","repository":{"repo_id":"tdl","name":"Texas Digital Library","base_url":"https://tdl-ir.tdl.org/server/oai/request"},"display":{"title":"Libya : a second opportunity for the oil and gas industry","abstract":"As Libya emerges from two decades of international sanctions, the need for new oil reserves has never been greater. The rapid growth for oil and natural gas worldwide has placed significant constraints on current oil-producing nations. International oil companies are hopeful that Libya, largely unexplored since the 1970s, will become a new source for oil and gas. Libya contains some of the largest oil fields in the world. Out of its five regions (Sirte, Ghadames, Murzuq, Cyrenaica and offshore), only the Sirte Basin has been closely explored. Libya is extremely attractive because it produces high quality, cheap oil that can be quickly transported to European markets. Furthermore, the Libyan government is welcoming foreign oil companies to invest in the fledging industry. The government’s goal is to raise a minimum of $10 billion by 2010 and restore production to its pre-sanction levels at 3 million barrels per day. However, foreign companies that invested in the country prior to the international sanctions may find that the business environment remains moderately risky. The oil industry is closely regulated by the state-owned company, National Oil Corporation (NOC). Every major oil and gas arrangement must go through the NOC. Also, foreign companies may be surprised to find that the latest Exploration & Production Sharing Agreement (EPSA IV) offered by the Libyan government contains unfavorable terms that may undermine profitability in even the largest oil fields. American companies that were forced to abandon their Libyan assets have found that the NOC is a tough negotiator that will receive the majority of revenues produced in a given block. The most recent bidding process, EPSA IV, reflected the Libyan government’s desire to open up the industry to foreign companies. Due to intense competition, the government received generous signature bonuses and production shares in the 15 blocks offered. A Libyan oil and gas investment is a good option for companies that are committed to long-term relationships and not easily discouraged by unexpected barriers to entry. While Libya’s business environment requires legal and government reform, the country is optimistic that it can attract enough foreign investment to modernize the hydrocarbon industry","abstract_html":"As Libya emerges from two decades of international sanctions, the need for new oil reserves has never been greater. The rapid growth for oil and natural gas worldwide has placed significant constraints on current oil-producing nations. International oil companies are hopeful that Libya, largely unexplored since the 1970s, will become a new source for oil and gas. Libya contains some of the largest oil fields in the world. Out of its five regions (Sirte, Ghadames, Murzuq, Cyrenaica and offshore), only the Sirte Basin has been closely explored. Libya is extremely attractive because it produces high quality, cheap oil that can be quickly transported to European markets. Furthermore, the Libyan government is welcoming foreign oil companies to invest in the fledging industry. The government’s goal is to raise a minimum of $10 billion by 2010 and restore production to its pre-sanction levels at 3 million barrels per day. However, foreign companies that invested in the country prior to the international sanctions may find that the business environment remains moderately risky. The oil industry is closely regulated by the state-owned company, National Oil Corporation (NOC). Every major oil and gas arrangement must go through the NOC. Also, foreign companies may be surprised to find that the latest Exploration & Production Sharing Agreement (EPSA IV) offered by the Libyan government contains unfavorable terms that may undermine profitability in even the largest oil fields. American companies that were forced to abandon their Libyan assets have found that the NOC is a tough negotiator that will receive the majority of revenues produced in a given block. The most recent bidding process, EPSA IV, reflected the Libyan government’s desire to open up the industry to foreign companies. Due to intense competition, the government received generous signature bonuses and production shares in the 15 blocks offered. A Libyan oil and gas investment is a good option for companies that are committed to long-term relationships and not easily discouraged by unexpected barriers to entry. While Libya’s business environment requires legal and government reform, the country is optimistic that it can attract enough foreign investment to modernize the hydrocarbon industry","abstract_has_math":false,"creators":["Lin, Connie"],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":["Fisher, W.L. (William Lawrence), 1932-"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2005,"date_issued":"2005-05-21","date_published":"2005-05-21","updated_at":"2026-07-27T21:19:06Z","subjects":["Libya","Oil and gas investment"],"languages":["en"],"rights":["Restricted","Copyright © is held by the author. Presentation of this material on the Libraries' web site by University Libraries, The University of Texas at Austin was made possible under a limited license grant from the author who has retained all copyrights in the works."],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["https://doi.org/10.26153/tsw/59584"],"render_values":[{"text":"https://doi.org/10.26153/tsw/59584","href":"https://doi.org/10.26153/tsw/59584","code":true}]}]},"links":{"outbound_url":"https://hdl.handle.net/2152/132240","outbound_label":"Handle","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Fisher, W.L. 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International oil companies are hopeful that Libya, largely unexplored since the 1970s, will become a new source for oil and gas. Libya contains some of the largest oil fields in the world. Out of its five regions (Sirte, Ghadames, Murzuq, Cyrenaica and offshore), only the Sirte Basin has been closely explored. Libya is extremely attractive because it produces high quality, cheap oil that can be quickly transported to European markets. Furthermore, the Libyan government is welcoming foreign oil companies to invest in the fledging industry. The government’s goal is to raise a minimum of $10 billion by 2010 and restore production to its pre-sanction levels at 3 million barrels per day. However, foreign companies that invested in the country prior to the international sanctions may find that the business environment remains moderately risky. The oil industry is closely regulated by the state-owned company, National Oil Corporation (NOC). Every major oil and gas arrangement must go through the NOC. Also, foreign companies may be surprised to find that the latest Exploration & Production Sharing Agreement (EPSA IV) offered by the Libyan government contains unfavorable terms that may undermine profitability in even the largest oil fields. American companies that were forced to abandon their Libyan assets have found that the NOC is a tough negotiator that will receive the majority of revenues produced in a given block. The most recent bidding process, EPSA IV, reflected the Libyan government’s desire to open up the industry to foreign companies. Due to intense competition, the government received generous signature bonuses and production shares in the 15 blocks offered. A Libyan oil and gas investment is a good option for companies that are committed to long-term relationships and not easily discouraged by unexpected barriers to entry. While Libya’s business environment requires legal and government reform, the country is optimistic that it can attract enough foreign investment to modernize the hydrocarbon industry"]},{"key":"dc:title","label":"Title","values":["Libya : a second opportunity for the oil and gas industry"]}]}],"canonical_facts":{"dc:contributor":["Fisher, W.L. (William Lawrence), 1932-"],"dc:creator":["Lin, Connie"],"dc:date.accessioned":["2025-04-02T23:07:51Z","2026-03-24T19:51:02Z"],"dc:date.available":["2025-04-02T23:07:51Z"],"dc:date.issued":["2005-05-21"],"dc:description.abstract":["As Libya emerges from two decades of international sanctions, the need for new oil reserves has never been greater. The rapid growth for oil and natural gas worldwide has placed significant constraints on current oil-producing nations. International oil companies are hopeful that Libya, largely unexplored since the 1970s, will become a new source for oil and gas. Libya contains some of the largest oil fields in the world. Out of its five regions (Sirte, Ghadames, Murzuq, Cyrenaica and offshore), only the Sirte Basin has been closely explored. Libya is extremely attractive because it produces high quality, cheap oil that can be quickly transported to European markets. Furthermore, the Libyan government is welcoming foreign oil companies to invest in the fledging industry. The government’s goal is to raise a minimum of $10 billion by 2010 and restore production to its pre-sanction levels at 3 million barrels per day. However, foreign companies that invested in the country prior to the international sanctions may find that the business environment remains moderately risky. The oil industry is closely regulated by the state-owned company, National Oil Corporation (NOC). Every major oil and gas arrangement must go through the NOC. Also, foreign companies may be surprised to find that the latest Exploration & Production Sharing Agreement (EPSA IV) offered by the Libyan government contains unfavorable terms that may undermine profitability in even the largest oil fields. American companies that were forced to abandon their Libyan assets have found that the NOC is a tough negotiator that will receive the majority of revenues produced in a given block. The most recent bidding process, EPSA IV, reflected the Libyan government’s desire to open up the industry to foreign companies. Due to intense competition, the government received generous signature bonuses and production shares in the 15 blocks offered. A Libyan oil and gas investment is a good option for companies that are committed to long-term relationships and not easily discouraged by unexpected barriers to entry. While Libya’s business environment requires legal and government reform, the country is optimistic that it can attract enough foreign investment to modernize the hydrocarbon industry"],"dc:identifier":["https://hdl.handle.net/2152/132240","https://doi.org/10.26153/tsw/59584"],"dc:identifier.uri":["https://hdl.handle.net/2152/132240"],"dc:language":["en"],"dc:relation":["UT Electronic Theses and Dissertations"],"dc:rights":["Restricted","Copyright © is held by the author. Presentation of this material on the Libraries' web site by University Libraries, The University of Texas at Austin was made possible under a limited license grant from the author who has retained all copyrights in the works."],"dc:subject":["Libya","Oil and gas investment"],"dc:title":["Libya : a second opportunity for the oil and gas industry"],"dc:type":["Thesis"]},"updated_at":"2026-07-27T21:19:06Z"}