Libya sees 3rd oil round in autumn

By Barbara Lewis

LONDON (Reuters) - Libya hopes to hold a third international licensing round in the autumn, which will give a wide range of players fair access to the nation's untapped oil wealth, its top oil official said on Tuesday.

The third round had previously been expected to take place as early as this March.

It has been pushed back following a restructuring of the energy sector, which shut down the oil ministry and instead placed the head of the National Oil Company in charge.

"Hopefully it will take place some time in the autumn," Shokri Ghanem, head of the National Oil Company, told the Reuters Global Energy Summit.

"We want to digest the first two rounds," he said over a telephone link.

"We think they were very successful and good ... but there's always room for improvement."

Following the lifting of most U.S. sanctions, two international licensing rounds last year attracted a variety of companies.

The rounds were hailed for their transparency, although some analysts said aggressive bidding had left some accepting terms that could leave them struggling to make a profit.

"If some people think we are a hard bargainer, we are trying to insure our interest, but we are cognizant of the fact oil companies working here should also make good income from their investment," Ghanem said.

"It should be a win, win situation. ... We're not trying to be difficult, but trying to come to a fair deal."

Companies should be attracted by the obvious potential to boost Libya's oil production, which was hobbled by years of international sanctions and underinvestment.

"So many countries see Libya has great potential," Ghanem said. "It used to produce 3.5 million barrels per day. Now it is producing only about 1.6 million because of sanctions and lack of investment."

NO COMMENT ON BOLIVIA

Ghanem said he did not know the terms and therefore could not comment on Bolivia's decision to nationalize its energy sector.

The decision, which followed on from Venezuelan President Hugo Chavez's championing of resource nationalism, has raised fears among consumer nations that a wave of nationalization could inflate energy prices for years to come.  Continued...