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(World Oil) – Libyas oil and gas sector is set for a new era of growth and investment following the announcement of its first exploration bid round in 17 years. This increase in production from existing fields underscores the countrys commitment to stabilizing and expanding its energy supply.
We addressed the maturity of our bond debt by calling the old bond and issuing a new $100 million bond, thereby increasing available cash and putting in place a capital structure that can provide funding towards delivery on our strategic objectives, regardless of whatever uncertainties may face the business at the macro-economic level.
“Building on this strong foundation, PETRONAS is optimistic that the positive momentum and learnings from Block 52 will carry over into Block 66 as it continues to explore and unlock the hydrocarbon potential of the area”, Petronas said in a press release.
This is a situation that we continue to work on closely with our peers and host government to resolve. Taq Taq awaits only government approval before divestment is complete, and relinquishment of our other non-producing legacy assets in the Kurdistan Region of Iraq ('KRI') will also be completed soon. Production costs (17.6) (18.0)
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