LIBYA’s O&G
awarded. Whilst a review of existing arrangements and enacting new petroleum legislation will go far to regain the confidence of the international energy majors, a re- evaluation of the model EPSA is likely
... the medium-term approach to energy policy... will continue to remain uncertain
to go further by signalling that Libya wants to form sensible, long-term relationships with the international community. If Libya is dedicated to the future of O&G production and the role of international oil companies in the rebuilding of the country, a meritorious, competitive system for awarding contracts, based on objective criteria, must be put in place. A new EPSA will support this movement, by providing contractual certainty for investors. The new government will need to carefully consider the terms
of the EPSA, which should closely align with the new legal and regulatory framework, alongside international best practice. Terms should balance and protect the competing interests of Libya against those of the contractor, who will expect to be adequately compensated for its investment, when a discovery of oil or gas is made.
The Future Against a backdrop of continuing political turmoil, security
concerns, infrastructure repair works and logistical issues, the future of the O&G sector in Libya is far from clear. Short- term optimism has been generated by a robust recovery of production levels from existing concessions. However, the medium-term approach to energy policy, including the review of existing contracts, development of industry regulation and a new EPSA, will continue to remain uncertain, until political stability has been achieved. Scheduled democratic elections are much needed, but may be disrupted by escalating social unrest. The success of new Libya is dependent on the successful management and development of natural resources. Ensuring the stability of the industry and encouraging the return of the international energy companies will undoubtedly appear at the top of the political agenda. •
Danielle Beggs is a Partner & Danielle Kent a Lawyer at SNR Denton UK LLP.
www.snrdenton.com
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