Libya needs to compromise to attract big oil-Woodmac

under recent EPSA IV, majors such as Shell found themselves outbid by smaller companies that were able to be more flexible and aggressive. "They (the majors) were less inclined to compromise the hurdle rates that they've established," Millan (consultancy Wood Mackenzie) said.
Majors will bring in major investment in E&P but "NOC would have to meet them somewhere in the middle in the actual terms that they offer."