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This paper extends the analysis of our proposed modification to the first model of Libyan Exploration and Production Sharing Agreement (LEPSA I) to field applications. Four decision‐making models are coded in a spreadsheet program to estimate profitability indicators for two development scenarios. These scenarios are primary and secondary recovery methods with water injection and enhanced oil recovery...
The current Exploration and Production Sharing Agreement IV (EPSA IV) has deficiencies that militate against increased capital investment in Libya's petroleum industry. This paper proposes an improved technique for determining the equity split called the ‘share equation’. The proposed share equation would simplify the Libyan fiscal regime and will provide an incentive for foreign oil companies to...