Libya to draft new oil law ahead of bid round

Libya’s oil and gas authorities now say their promised licensing round will launch in Q1 2014 at the earliest. While this has been interpreted in some quarters as a delay, it will require rapid progress on the drafting of a new hydrocarbons law and a model exploration and production-sharing agreement over the next six months. Speaking at an FDI Libya round table event in London on 18 June, deputy oil and gas minister Omar Shakmak said that the round would not be announced until year-end, meaning that it could take place early next year.