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  Libya to Announce Gas Exploration Auction

12. June 2007

 Increasing Interest in Libya's underdeveloped Gas Sector, including the potential for liquefied natural gas, following several recent discoveries

 Libya has held three oil exploration licensing rounds in the last two years, awarding permits to companies keen to secure a foothold in one in one of the world's last under-explored oil regions.
 Libya's National Oil Corporation chairman Dr.Shokri Ghanem is reported saying that the Ministers of the organization of Petroleum Exporting Countries (OPEC), which supplies about two-fifths of the world's oil, would meet June 21 in Vienna amid calls from consumers to increase output.
Libya holds 53 trillion cubic feet of proven gas reserves and some experts suspect it could be double that.It is a growing exporter to Europe and has big plans for liquefied natural gas - super frozen gas exported in tankers.