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

4-Traders Homepage  >  Shares  >  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
12:00p DOMINION RESOURCES : Letter: Randy Ihara, South Riding
10/08 DOMINION RESOURCES : McCollum blasts Wagner's travel, gift record
10/08 DOMINION RESOURCES : Challenger takes aim at Frank Wagner's travel, gifts record
10/07 DOMINION RESOURCES : Virginia: Dominion expanding EnergyShare program
10/07 DOMINION RESOURCES : Army Corps: Underground solution for Dominion lines not via..
10/06DJSunEdison to Cut About 1,000 Jobs
10/06 DOMINION RESOURCES : Assistance League Launches Weekend Food for Kids Campaign
10/05 DOMINION RESOURCES : BRIEF: Army Corps: Burying Dominion power line in James Riv..
10/03 DOMINION RESOURCES : BRIEF: 10 p.m.Nearly 3,000 still without power in Williamsb..
10/03 DOMINION RESOURCES : Army Corps of Engineers says only two viable options for Do..
Duration : Period :
Dominion Resources, Inc. Technical Analysis Chart | D | US25746U1097 | 4-Traders
Income Statement Evolution
More Financials