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DOMINION ENERGY (D)
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Dominion Resources, Inc. : Libya To Offer New Production-sharing Contracts

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06/13/2012 | 06:36pm CEST

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 [email protected]

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Financials ($)
Sales 2018 13 491 M
EBIT 2018 4 821 M
Net income 2018 2 656 M
Debt 2018 36 650 M
Yield 2018 5,05%
P/E ratio 2018 16,38
P/E ratio 2019 16,10
EV / Sales 2018 6,01x
EV / Sales 2019 5,71x
Capitalization 44 430 M
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Mean consensus HOLD
Number of Analysts 17
Average target price 73,7 $
Spread / Average Target 12%
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Thomas F. Farrell Chairman, President & Chief Executive Officer
Mark F. McGettrick Chief Financial Officer & Executive Vice President
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