Grifco International, Inc. (OTC: GFCI) is Helping the Libyan Oil Industry Regain Higher Oil Production Levels
Grifco International Inc. (OTC: GFCI)
GFCI, is a well positioned Oil Service Company, with significant operations on the ground in Libya to develop North African and Mideast Oil Tool Markets.
Libya is a major oil producer and aims to boost its oil output capacity.
Libya produces high-quality, low-sulphur (”sweet”) crude oil at very low cost (as low as $1 per barrel at some fields).
During the first half of 2003, Libyan oil production was estimated to be at 1.5 million bbl/d, an increase from 2002 levels but still only about two-fifths of the 3.3 million bbl/d produced in 1970.
Libya’s oil industry is run by the state-owned National Oil Corporation (NOC), along with smaller subsidiary companies, which combined account for around half of the country’s oil output.
Overall, Libya would like foreign company help to increase the country’s oil production capacity over the next five years, at a cost of perhaps $6 billion. This would restore Libya’s oil production capacity to the levels of the early 1970s.
Libya will require as much as $10 billion in foreign investment through 2010. Around $6 billion of this is to go towards exploration and production, with the rest going towards refining and petrochemicals. In addition, NOC has earmarked $1.5 billion for oil infrastructure investment.
http://www.globalsecurity.org/military/world/libya/petrol.htm
The business opportunities for Grifco International in Libya have the potential to be huge, as the Country rebuilds its Oil Infrastructure.
GFCI is definitely a Company to Consider. It appears to be Operating at the Right Place, at the Right time!
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