Hydrocarbon Sector
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Libya is embarked on an ambitious programme of oil exploration to increase oil production from the current level of around 1.6 million barrel per day to 3 million barrel per day by 2010. This would require $30 billion investment in the upstream and downstream sectors. A key part of Libya's investment plan is the Epsa-4 (exploration and production sharing agreement) licensing round, which was concluded in January and October 2005.

Oil India-IOC Consortium has won two oil concessions (Area 86 and Area 102-4) in the 1st and 2nd round of EPSA-IV. OVL won one oil concession (81-1) in the 2nd round of EPSA-IV. A number of Indian companies ranging from ONGC, Oil India-IOC, GAIL, Punj Lloyd, L &T, EIL and Dodsal are participating in projects in Hydrocarbon sector.

ONGC (Videsh) has a joint venture with Turkish Petroleum Overseas Corporation (TPOC) in respect of two oil concessions – NC 188 and NC 189. They have done drilling of two wells in NC 188. They have not yet discovered any oil. Both OIL and OVL are interested in discovered fields.

Down Stream

The Libyan government is stressing building up the refining capacity in the five refineries in Libya and to upgrade them. NOC has stated that its objective is to upgrade the existing facilities to meet international standards in terms of technology and market specifications. NOC also wants to increase the productivity, diversify the product range and maximize the returns.

There are ample opportunities available for Indian companies in refinery; petrochemical, chemical projects in these five refineries and other projects related associated utilities and off-sites in these refineries.