Middle East Economic Survey
VOL. LII
No 11
16-Mar-2009
LIBYA
Economic Downturn Prompts Verenex To Reduce Its Drilling Program In 2009
Verenex Energy plans to reduce the pace of its exploration program in Libya this year because of the current business environment, and has revised its budget for 2009 down by 40% to $93mn. The Canadian company, which operates the prolific Area 47 in the Ghadames Basin and agreed late last month to a takeover bid by Chinas CNPC International pending Libyan approval...
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