Though is is an article from July 2007, I think this is a good read. 

Go to this link for a detailed overview of the Ras Lanuf site:

 www.eia.doe.gov/emeu/cabs/Libya/pdf.pdf - 152k - View as html

KEY POINTS:

Refining and Downstream

Libya's refineries include: 1) the Ras Lanuf export refinery, completed in 1984 and located on the

Gulf of Sirte, with a crude oil refining capacity of 220,000 bbl/d; 2) the Az Zawiya refinery,

completed in 1974 and located in northwestern Libya, with crude processing capacity of 120,000

bbl/d; 3) the Tobruk refinery, with crude capacity of 20,000 bbl/d; 4) Brega, the oldest refinery in

Libya, located near Tobruk with crude capacity of 10,000 bbl/d; and 5) Sarir, a topping facility with

8,000 bbl/d of capacity.

Libya's refining sector reportedly was impacted by UN sanctions, specifically UN Resolution 883

of November 11, 1993, which banned Libya from importing refinery equipment. Libya is seeking a

comprehensive upgrade to its entire refining system, with a particular aim of increasing output of

gasoline and other light products (i.e. jet fuel). As of early June 2007, NOC was evaluating

investment proposals for upgrading the Ras Lanuf refinery. Total cost of the upgrade is estimated

at $2 billion. NOC is also expected to re-tender an engineering, procurement and construction

contract for upgrading the Az Zawiya refinery. In addition to refinery upgrades, Tamoil Africa and

Occidental Petroleum Corporation reportedly have plans to build new refineries near Melitah.

page 5:

On January 30, 2005, Libya held its first round of oil and natural gas exploration leases since the

United States ended sanctions against the country. In October 2005, Libya held a second bidding

round under EPSA IV, with 51 companies taking part and nearly $500 million worth of new

investment flowing into the country as a result. In December 2006, Libya held its third bidding

round; however, production-sharing agreements (PSAs) awarded in the round were still being

signed by NOC as of April 2007. Industry experts noted that the third round attracted smaller

players, including ones from Russia, as opposed to larger international oil companies (IOCs),

which participated in the previous two rounds. In July 2007, Libya plans to announce its fourth

round, which is likely to focus on natural gas assets.

Winners of Libyan exploration acreage are determined largely based on how high a share of

production a company is willing to offer NOC. Whichever companies offer NOC the greatest share

of profits is likely to win. In addition, oilfield developers initially bear 100 percent of costs

(exploration, appraisal, training) for a minimum of 5 years, while NOC retains exclusive

ownership. Also included in Libyan licensing rounds is open competitive bidding and

transparency, joint development and marketing of non-associated natural gas discoveries,

standardized terms for exploration and production, and non-recoverable bonuses