Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Dominion Resources, Inc.    D   US25746U1097

News SummaryMost relevantAll newsSector news 

Dominion Resources, Inc. : Libya To Offer New Production-sharing Contracts

06/13/2012 | 12:36pm US/Eastern

VIENNA--Libya will offer new production-sharing agreements to international oil companies on improved terms to existing contracts, but this won't happen this year, said the country's Minister of Oil and Gas, Abdurahman Benyezza Wednesday.

Libya isn't currently planning to revise the terms of existing contracts with foreign oil companies, but there may be a process to equalize the terms of new and existing contracts in the future, he said.

"At the moment we are working on the [contract] models. We'll have to study and see where we can improve," Mr. Benyezza told reporters at the Organization of Petroleum Exporting Countries International Seminar in Vienna. "Production-sharing agreements will be the main type of contracts of course. New ones will not be [offered] this year."

Whether existing contract holders will also be offered the same terms as newcomers has yet to be decided, he said.

"We are not in a process to change [existing] agreements at this time," he said. But in the future existing terms will be evaluated, "not to create inequality of contracts," he added.

Libya intends to invest $10 billion on raising oil and gas production capacity from existing fields and $20 billion on new exploration in the next decade, Mr. Benyezza said.

Write to James Herron at

React to this article
09:36aDJNorway to Approve Giant Statoil Field
08:13a DOMINION RESOURCES : Delaying Offshore Wind Power Project
08:13a DOMINION RESOURCES : puts on hold offshore Va. wind test turbines
01:41a DOMINION RESOURCES : Offshore wind turbines too expensive
04/23 DOMINION RESOURCES : BRIEF: Dominion: Offshore wind turbines too expensive
04/23 DOMINION RESOURCES : ViZn Energy Systems' Zinc-Iron Flow Battery Commissioned at..
04/23 DOMINION RESOURCES : New solar power and battery system dedicated at Randolph-Ma..
04/23 DOMINION RESOURCES : BRIEF: Dominion Virginia Power wins reliability award
04/22DJPetrobras Reports Nearly $17 Billion in Charges
04/22 DOMINION RESOURCES : 's Project Plant It! Teaches 44,000 Students about Trees; I..
Duration : Period :
Dominion Resources, Inc. Technical Analysis Chart | D | US25746U1097 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes