Member access

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

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
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
01/29 DOMINION RESOURCES : Virginia Power, critics tussle over a proposed rate freeze
01/29 DOMINION RESOURCES : Plan to lessen oversight of Dominion wins backing
01/28 DOMINION RESOURCES : Gives $75,000 to Honor Auschwitz Remembrance Efforts
01/27 DOMINION RESOURCES : Virginia Power Proposes Virginia's First Large-Scale Solar ..
01/25 DOMINION RESOURCES : power line project also needs federal approval
01/23 DOMINION RESOURCES : VA/ : Change in Directors or Principal Officers (form 8-K)
01/23 DOMINION RESOURCES : Virginia Power Sets Stage for Virginia's First Large-Scale ..
01/22 DOMINION RESOURCES : Newport News, Dominion Power replacing 45 trees in Huntingt..
01/22 DOMINION RESOURCES : Bill: Let Dominion skip state of Virginia reviews
01/22 DOMINION RESOURCES : To Report Fourth-Quarter Earnings and Host February Analyst..
Duration : Period :
Dominion Resources, Inc. Technical Analysis Chart | D | US25746U1097 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes