Statoil looks to join Shell in Libyan expansion
Norwegian oil and gas giant Statoil has indicated that it is looking for investment opportunities in the Libyan oil and gas sector, ahead of the expected full lifting of UN sanctions against the country.
The move follows the announcement made by Shell that it had signed an agreement with the Libyan National Oil Corporation for a strategic partnership between the two companies on oil and gas exploration and the possible development of liquified natural gas (LNG) facilities (See ESGM 10.060).
Statoil’s project manager Tore Sund indicated that the company’s investigations into Libya were “well under way”, although the company indicated that it was seeking clarification on “a number of conditions” prior to any investment decisions being made and that its evaluations were being undertaken in compliance with Norway’s foreign policy on relations with Libya.
The company faced investigation last year by the Norwegian authorities regarding allegations of bribery pertaining to a consultancy contract for its operations in Iran (See ESGM 9.177).
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