Member access

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

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 

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

06/13/2012 | 12:36pm US/Eastern
Recommend:
0

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

Recommend :
0
React to this article
Latest news on DOMINION RESOURCES, INC.
3d ago EXCLUSIVE : Asian buyers of U.S. LNG dial back as exuberance dims
4d ago DOMINION RESOURCES : Virginia Electric and Power Company Announces Redemption Of..
6d ago DOMINION RESOURCES : Federal Contracts Awarded by Federal Agencies in Virginia (..
6d ago DOMINION RESOURCES : Virginia Power Selects Capital One for First Ground-Mounted..
7d ago DOMINION RESOURCES : to buy 2 solar projects in Calif.
7d ago DOMINION RESOURCES : : Plans To Acquire Two Solar Energy Projects In California
09/12 DOMINION RESOURCES : Report Warns Investors: AVOID Dominion's Cove Point LNG Exp..
09/10 DOMINION RESOURCES : : To Present At Wolfe Research 2014 Power and Gas Leaders C..
09/09 DOMINION RESOURCES : Virginia Power Adds First Solar Demonstration Site in Centr..
09/09 DOMINION RESOURCES : : To Present At 2014 Bank Of America Merrill Lynch Power & ..
Advertisement
Chart
Duration : Period :
Dominion Resources, Inc. Technical Analysis Chart | D | US25746U1097 | 4-Traders
Income Statement Evolution
Dominion Resources, Inc. : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF