Middle East Economic Survey

VOL. LIII

No 40

4-Oct-2010

LIBYA

Libya Grants Hess Five-Year E&P License Extension

Libya announced on 23 September that it had granted the Hess Corporation of the US a five-year extension on an exploration and production (E&P) license for offshore Area 54. The block lies 480km off the Libyan coast, in the Sirte Basin. Hess acquired the license in Libyas first EPSA-IV bid round (MEES, 7 February 2005) and announced successful drilling results on the acreage...