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25/03/2004
Shell signs deal to re-enter Libya
Shell has signed a strategic deal with Libya's state-owned oil company to re-enter the Libyian oil exploration market.
The landmark agreement between Shell and the National Oil Corporation of Libya coincided with a visit today to Tripoli by British Prime Minister Tony Bair who met with Libyan leader, Colonel Muammar Gaddafi.
Signed in Tripoli by Abdalla S El Badri, Chairman of the Management Committee of the National Oil Corporation, and Malcolm Brinded, Chief Executive Officer of Shell Exploration & Production and Shell Gas & Power the "preliminary understanding" will see further negotiations on specific "upstream" projects including onshore exploration, and the development of Liquefied Natural Gas (LNG) facilities.
Mr Brinded said: “I am delighted by the warm invitation to Shell from the Libyan National Oil Corporation to participate in the country’s oil and gas industry. I look forward to our cooperation becoming a cornerstone in a renewed trade relationship between the UK and Libya.
"Today’s landmark agreement provides a roadmap for future developments, which would involve Shell contributing to the efforts to enhance the country’s production capabilities, and particularly its LNG export capacity.”
Shell will continue negotiations on specific projects in Libya during the course of 2004.
Shell has been under severe pressure lately as reserves have been downgraded and shares have fallen on the revised statement of reserves.
The Royal Dutch/Shell Group of Companies was active in the Libyan market from the 1950s until 1974, though exploration continued until the late 1980s.
(SP)
The landmark agreement between Shell and the National Oil Corporation of Libya coincided with a visit today to Tripoli by British Prime Minister Tony Bair who met with Libyan leader, Colonel Muammar Gaddafi.
Signed in Tripoli by Abdalla S El Badri, Chairman of the Management Committee of the National Oil Corporation, and Malcolm Brinded, Chief Executive Officer of Shell Exploration & Production and Shell Gas & Power the "preliminary understanding" will see further negotiations on specific "upstream" projects including onshore exploration, and the development of Liquefied Natural Gas (LNG) facilities.
Mr Brinded said: “I am delighted by the warm invitation to Shell from the Libyan National Oil Corporation to participate in the country’s oil and gas industry. I look forward to our cooperation becoming a cornerstone in a renewed trade relationship between the UK and Libya.
"Today’s landmark agreement provides a roadmap for future developments, which would involve Shell contributing to the efforts to enhance the country’s production capabilities, and particularly its LNG export capacity.”
Shell will continue negotiations on specific projects in Libya during the course of 2004.
Shell has been under severe pressure lately as reserves have been downgraded and shares have fallen on the revised statement of reserves.
The Royal Dutch/Shell Group of Companies was active in the Libyan market from the 1950s until 1974, though exploration continued until the late 1980s.
(SP)
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