http://www.africabusinesscommunities.com/index.php/rss-abc-news/202651-canoel-now-on-list-of-libyan-crude-traders
Published by Isaac Twumasi-Quantus
Canoel International Energy Ltd. received notification that it is now included in the list of recognized traders of crude oil with the Libyan National Oil Company (NOC).
The notification comes after months of negotiations with senior officials from NOC. The negotiations with NOC were focused on two opportunities: 1) the trading of crude oil, and 2) the application to get access to producing fields that are temporarily shut-in.
In terms of the first opportunity, as noted, company management has been notified that Canoel is now included on the list of the recognized traders of crude oil with the NOC.
In terms of the second opportunity, Canoel can now concentrate its efforts toward the acquisition and advancement of early stage exploratory acreage as well as the resumption of operations of temporarily suspended fields.
Canoel established a presence in Libya in November 2012 by starting the long process to open a local representative office. As the new government’s economic strategy continues to develop, Canoel is confident that its representative office will enable management to evaluate additional opportunities in a timely and efficient manner.
This will also allow the company to clearly differentiate itself from other entities seeking entry in the Libyan petroleum sector. These efforts are made with the intention to conduct future negotiations for purchasing or assuming operatorship of exploration and production assets in Libya.
Canoel said that its local business connections are expected to facilitate the vetting of both exploration and production assets.
www.canoelenergy.com
Published by Isaac Twumasi-Quantus
Canoel International Energy Ltd. received notification that it is now included in the list of recognized traders of crude oil with the Libyan National Oil Company (NOC).
The notification comes after months of negotiations with senior officials from NOC. The negotiations with NOC were focused on two opportunities: 1) the trading of crude oil, and 2) the application to get access to producing fields that are temporarily shut-in.
In terms of the first opportunity, as noted, company management has been notified that Canoel is now included on the list of the recognized traders of crude oil with the NOC.
In terms of the second opportunity, Canoel can now concentrate its efforts toward the acquisition and advancement of early stage exploratory acreage as well as the resumption of operations of temporarily suspended fields.
Canoel established a presence in Libya in November 2012 by starting the long process to open a local representative office. As the new government’s economic strategy continues to develop, Canoel is confident that its representative office will enable management to evaluate additional opportunities in a timely and efficient manner.
This will also allow the company to clearly differentiate itself from other entities seeking entry in the Libyan petroleum sector. These efforts are made with the intention to conduct future negotiations for purchasing or assuming operatorship of exploration and production assets in Libya.
Canoel said that its local business connections are expected to facilitate the vetting of both exploration and production assets.
www.canoelenergy.com