Shell
signs heads of agreement to re-enter Libya
Posted: 25 March 2004
Shell Libya Petroleum Development BV (Shell) and the National
Oil Corporation of the Great Socialist People’s Libyan Arab
Jamahiriya today signed a Heads of Agreement (HOA) for the establishment
of a long term strategic partnership in the Libyan upstream oil
and gas industry.
The HOA was 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, coinciding with the visit of the British
Prime Minister, the Right Honourable Tony Blair, to meet with the
Libyan Leader, Colonel Muammar al Qadhafi.
The HOA comprises the preliminary understanding of the parties
regarding key principles for participation by Shell in the Libyan
upstream, including onshore exploration, and the development of
Liquified Natural Gas (LNG) facilities. The HOA could lead to the
development of world-class integrated upstream and LNG export projects.
Malcolm 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.
The Royal Dutch/Shell Group of Companies was active in the Libyan
upstream from the 1950s until 1974, and conducted exploration in
the country in the late 1980s.
For more information see www.shell.com
Posted by Richard Price,
Editor Pipeline Magazine
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