Libya National Oil Co is engaged in talks with a number of international oil companies (IOCs) to reassess the terms of production licences in the country.

In a statement on the company's website, the chief oil contracts negotiator Ahmed Al Ghaber confirmed that negotiations are underway.

"They have led to very good results, placing Libya among the countries that have reached new and modern contracts," he said.

Bloomberg reported that ConocoPhillips, Hess and Marathon Oil have all been urged to revise their shares in profits from oil production downwards as the country looks to keep hold of its oil wealth.

Meanwhile, Libya National Oil has also recently announced that Royal Dutch Shell conducted a new natural gas training course in Tripoli earlier this month.

The IOC ran a two-day training event at the Waddan hotel exploring the gas value chain, with a particular focus on exploration, gas quality and pricing, transportation and project development.

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