Overview:

Summary
 
 Global economic meltdown is forcing oil exporting countries to take drastic steps to curb rapidly falling crude oil prices. As oil prices have plummeted over 70% (around $100 per barrel) over the past year, Libya's leader Muammar al-Qadhafi is looking into the possible nationalization of its oil industry in order to gain more state control over production and raise oil revenues
 
 Scope
 
 GlobalData viewpoints cover the latest events or important trends in the global oil and gas industry and provide our in-depth analysis of issues and challenges. Viewpoints offer expert opinions and GlobalData’s views of various developments that have been taking place in the oil and gas industry across the world.
 
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 1 Table of Contents 2
 1.1 List of Tables 4
 1.2 List of Figures 5
 2 GlobalData Viewpoint 6
 2.1 Summary 6
 3 Libya Threatens Oil Nationalization: A Precursor to the Contracts Negotiation 7
 3.1 Reasoning behind the Nationalization 7
 3.2 Libya – Still Widely Unexplored 9
 3.3 Despite Threats, Libyan Government is Unlikely to Nationalize the Oil & Gas Industry 10
 3.4 Conclusion 11
 4 Recent Developments 12
 4.1 Strategy and Business Expansion 12
 4.1.1 Oct 08, 2008: Repsol To Expand Operations Into Southern And Western Africa 12
 4.1.2 Sep 20, 2008: OIL To Commence Drilling At Libya Fields In 2009 12
 4.2 Recent Discoveries 13
 4.2.1 Jan 15, 2009: NOC Announces New Oil/Gas Discovery In Ghadames Basin, Libya 13
 4.2.2 Jan 12, 2009: Verenex Discovers Oil And Gas At H1-47/02 Well In Ghadames Basin, Libya 13
 4.2.3 Dec 15, 2008: NOC Announces Oil And Gas Discovery At D1-NC7A Well In Ghadames Basin, Libya 14
 4.2.4 Oct 13, 2008: Verenex Discovers Oil And Gas At G1-47/02 Well In Ghadames Basin, Libya 15
 4.2.5 Oct 07, 2008: Sirte Discovers Oil At A1-NC216A Well In Ghadames Basin, Libya 15
 4.2.6 Sep 29, 2008: Verenex Discovers Oil At C1-47/04 Well In Ghadames Basin, Libya 16
 4.2.7 Sep 29, 2008: RWE Dea Encounters Oil At G1-NC 193 Well In Sirte basin, Libya 16
 4.2.8 Sep 12, 2008: RWE Dea Announces Two Oil Discoveries In Libya 16
 4.3 Drilling and Production Updates 16
 4.3.1 Feb 05, 2009: Total Resumes Production At Its Libyan Al-Jurf Oilfield In January 2009 16
 4.3.2 Dec 17, 2008: Hess Updates On Its Exploration Drilling In Africa 17
 4.3.3 Nov 07, 2008: PT Medco Updates On Its Reserves In Area 47, Libya 17
 4.3.4 Nov 03, 2008: Verenex Increases Oil And Gas Resource Estimates For Area 47 In Libya 17
 4.4 Other Significant Developments 19
 4.4.1 Jan 13, 2009: Egypt And Libya To Spend $6 Billion In Oil Facilities 19
 4.4.2 Dec 30, 2008: Oil Companies In Libya Ordered To Cut Production By 270,000 Bpd 19
 4.4.3 Nov 06, 2008: Verenex Provides Libya Operational Update 19
 4.4.4 Sep 03, 2008: Verenex Provides Libya Operational Update 20
 4.5 New Contracts Announcements 21
 4.5.1 Feb 10, 2009: Total Signs Agreement With NOC To Renew EPSAs For Blocks C17 And C137 In Libya 21
 4.5.2 Jan 19, 2009: Shell Awards Contract To BGP For 3D Seismic Project In Libya 22
 4.5.3 Sep 25, 2008: BGP Wins 3D Onshore Project From Petro-Canada In Libya 22
 5 Financial Deals Landscape 23
 5.1 Detailed Deal Summary 23
 5.1.1 Asset Transactions 23
 6 Appendix 24
 6.1 Methodology 24
 6.1.1 Coverage 24
 6.1.2 Secondary Research 25
 6.1.3 Primary Research 25
 6.1.4 Expert Panel Validation 26
 6.2 Contact Us 26
 6.3 About GlobalData 27
 6.4 Disclaimer 27
 
 1.1 List of Tables
 Table 1: OPEC Member Countries , Oil and Gas Production, Reserves and Oil Price Expectations 8
 
 1.2 List of Figures
 Figure 1: Africa, Crude Oil Reserves (Billion Barrels) and Production (MMbbls/d) , By Country, 2007 9
 Figure 2: Libya Crude Oil Production, Mbbls/d, 1961-2008 10