Wed, 31 Jan 2007, 13:45:00 EDT
Edited by Christopher Simmons
TRIPOLI, Libya - Jan. 31 (SEND2PRESS NEWSWIRE) -- According to Phoenicia Group, the US-Libyan diversified business group, which is a strategic partner to several U.S. and international companies in Libya, business opportunities in the oil services sector is rocketing as E&P majors ratchet up their drilling schedules in Libya's much sought oil fields, with hundreds of wells estimated to be drilled in the next few years.
TRIPOLI, Libya - Jan. 31 (SEND2PRESS NEWSWIRE) -- According to Phoenicia Group (www.phoenicia.ly), the U.S.-Libyan diversified business group, which is a strategic partner to several U.S. and international companies in Libya, business opportunities in the oil services sector is rocketing as E&P majors ratchet up their drilling schedules in Libya's much sought oil fields, with hundreds of wells estimated to be drilled in the next few years.
Ryad Sunusi, interim President & CEO of the privately-held Phoenicia Group, and a prominent Libyan businessman and consultant, is bullish on the prospects and opportunities, saying:
'Libya is, from an oil company's point of view and taking into account risk-reward strategy, an incredibly attractive investment.'
'Libya's light, low-sulfur crude commands a premium in world markets; offered oil blocks offer high probabilities of finding oil, and with energy prices going up and secure sources narrowing, Libya represents a stable and highly profitable energy market for years to come.'
This comes as U.S. energy heavyweights ExxonMobil, Chevron, Occidental Petroleum, and the former Oasis Group ( ConocoPhillips, Amerada Hess, and Marathon Oil) compete with entrenched European rivals like Eni Spa, OMV, and Total for prime area blocks from Libya's National Oil Corporation.
Sunusi, whose Phoenicia Group is active in diverse sectors in Libya, is focusing on oil services and construction; and has established oil services companies Al-Marooj, Oea, and Akakus to tap the market, by establishing joint ventures with U.S. and international oil services companies.
Libya seeks to build its private sector, and has enacted legislation requiring international oil services companies wishing to do business in Libya do so through joint ventures with a Libyan partner according to GPC Decision 443/2006, which was passed last November by the General People's Committee, Libya's executive decision-making body.
In effect, Libyan companies must represent any international oil services company in Libya, be it in the seismic, coil tubing, drilling, workover, consulting, construction, engineering, communications, logistics, catering, or communications fields.
Sunusi revealed Phoenicia Group is in wide-ranging talks with U.S. and international oil services companies for joint ventures with his group, and says that joint ventures have already been formed with key players in the U.S. and Europe.
'As a well-known local partner to international oil services companies, we bring knowledge, experience, and understanding of local norms, as Libya is a difficult market to understand without a reliable and established partner.'
'We currently are very interested in partnering with experienced U.S. and international drilling and work-over contractors, with both onshore and offshore experience.'
'Libya is open for business and offers U.S. and international companies a stable and secure environment to prosper, and that, coupled with the great opportunities, should make Libya irresistible, thanks in large part to the forward-looking policies of the Libyan government.'
The Phoenicia Group, a widely touted poster child of Libyan private sector achievement, has, since its inception in 1999, experienced rapid expansion in the oil & gas, construction, tourism, telecommunications, health, services, and agribusiness sectors, making it the leading Libyan private business and consultancy group; and sponsoring the spin-off of the Libyan-American Business Council in 2004 to promote U.S.-Libyan trade and business exchange.
About Phoenicia Group Libya, LLC
Phoenicia Group, a U.S.-Libyan professional business services company, establishes and advises on interoperability issues in the Libyan Market with technology, and devises, researches and implements market entry and risk management strategies for U.S. companies wishing to establish a foothold for commerce in Libya.
For more information, visit www.phoenicia.ly.
Text provided by the news source.
NEWS SOURCE: Phoenicia Group
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