00:02Libya approved exploration and production licenses Wednesday to several foreign energy
00:07companies including giants Chevron and BP for the first time since the fall of Muammar Gaddafi
00:14in addition to Chevron Wednesday's winners of the latest bidding round included Africa's
00:20largest privately owned energy company Nigeria's ITA 37 companies competed in this tender
00:35five companies won and joined the Libyan oil sector and to begin exploring for oil and gas
00:41in the blocks announced on land or in submerged waters
00:52last month Libya signed agreements worth more than 20 billion dollars of investments by total
00:59energies and ConocoPhillips to increase oil production over 25 years the immediate target
01:09will be 1.6 million barrels but the medium-term target will be 2 million barrels and potentially
01:16more depending on the results of these explorations we know and I'm not supposed to know how do you
01:22to shop at minute ish analysts say interest in Libyan oil remains subdued as only five blocks drew
01:31beads out of a total of 20 offered for exploration and extraction Libya currently produces around one
01:39point five million barrels a day sitting on Africa's largest reserves at an estimated forty eight point four billion barrels
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