National Oil Corporation

Type	Price
Brent	142.05
Dubai	136.92
Urals	137.93
WTI (mid)	143.84
OPEC basket	136.94
02/07/2008

last news

THE FINANCIAL TIMES PUBLISHES AN ARTICLE ON THE 6 MOST INFLUENCIAL CHARACTERS IN THE ENERGY BUSINESS An interesting article was published by the Financial Times on 30^th June by

Ed Crooks under the title "Some Leading Lights in the Power Business" which pointed out the six most influential characters within the energy business. Among the 6 is Dr. Shokri Ghanem, NOC's Chairman, whom NOC would like to extend its congratulations. The complete article is as follows :

The Secretary General of AOPEC visits NOC Dr. Shokri Ghanem, in his capacity as the President of AOPEC

(Arab Organization of Petroleum Exporting Countries), received in his office at NOC headquarters, on 29^th June 2008, Mr. Abbas Ali Nagee, Secretary General of AOPEC, accompanied by Mr. Fathi Al-Abbar, Libya’s representative at AOPEC and Mr. Mohamed Hammoud, OAPEC’s Public Relations Manager. The meeting was also attended by Dr. A. Ballut, NOC’s Manager of the International Cooperation & Media Bureau.

Signing of Exploration, Production and Sharing Agreements between NOC and Oxy Libya Oil & Gas & OMV Today 23^rd June 2008 NOC signed five EPSA'S with

Oxy Libya Oil & Gas and OMV. These EPSAs cover all blocks being operated by these companies and will take effect as of 1^st December 2007. These Agreements which are based on the Heads of Agreement signed with the above mentioned companies on 24^th November 2007, came also as a result of negotiations carried out by NOC to enhance the terms and conditions of old agreements. Under these new EPSAs the Companies will spend large investing amounts on exploration, development, environment protection, training of Libyans, carbon dioxide exploration and enhanced oil recovery projects.

Meeting with the British Ambassador On 18^th June 2008, Dr. Shokri Ghanem, NOC Chairman

welcomed to his office at NOC headquarters HE Mr. Vincent Vinn, The British Ambassador to Libya accompanied with key representatives from the British Embassy in Libya. The meeting covered issues relating to mutual cooperation within employees' training and development. NOC Chairman emphasized the necessity of facilitating the UK visa procedures. Discussions also covered the British oil investments in Libya.

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Exploration and Production Sharing Agreements signed with PetroCanada On 19^th June 2008, NOC signed six EPSAs with Petro Canada

covering all areas relating to Petro Canada. These EPSAs resulted from negotiations carried out between both parties to enhance and amend the contracting terms and conditions previously used by old agreements and in execution of the Heads of Agreement signed between NOC and Petro Canada on 10/12/2007.

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