Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

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 james.herron@dowjones.com

React to this article
11/25 DOMINION RESOURCES : urges customers to watch out for holiday scams
11/25 DOMINION RESOURCES : Hands-on power
11/24 DOMINION RESOURCES : BRIEF: State orders Dominion Virginia Power to return nearl..
11/24 DOMINION RESOURCES : BRIEF: Nonprofits in Norfolk, Suffolk awarded thousands in ..
11/24 DOMINION RESOURCES : Virginia Power : Urges Customers to Stay Alert to Scams Dur..
11/23 DOMINION RESOURCES : Regulators: Dominion owes customers a refund
11/23 DOMINION RESOURCES : Gives $1 Million to Community Organizations That Provide Ho..
11/23 DOMINION RESOURCES : SCC finds excess earnings; Directs $19.7 million refund to ..
11/23 DOMINION RESOURCES, INC. : ex-dividend day
11/21 DOMINION RESOURCES : Construction Projects to Produce $10 Billion in Economic Be..
News chart
Full-screen chart
Income Statement Evolution
More Financials