Libya to Award Gas Exploration Licences

Libya's National Oil Corporation (NOC) says it will award foreign energy companies gas exploration licences.

There are 41 contracts up for bids and all companies interested in taking part in the bidding process are required to apply to the NOC before 22 August 2007.

Last month the Libyan government announced it would share any oil fields BP finds under a $900m exploration accord with the oil company. The agreement was initially announced as a 'natural-gas cooperation accord' during British Prime Minister Tony Blair's visit to Libya on 29 May.

Libya has 53 trillion cubic feet of proven gas reserves and is a growing exporter to Europe with plans to produce liquefied natural gas.