U.S. Oil Companies Back in Libya

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Occidental Petroleum says that it will resume operations in Libya after 19 years now that it has been given 9 exploration blocks there.

Libya was off limits to U.S. companies in the past, but last year, President Bush cut back restrictions with the country after it agreed to put an end to weapons programs.

Occidental is not the only U.S. company doing business in Libya. Amerada Hess and ChevronTexaco also won licenses in the country.

“We were testing the water with medium-sized companies,” the Libyan prime minister said. He expects more offers to be made in March. Libya hopes that the bids will come more aggressively next time.

According to MarketWatch,

“On Saturday, ChevronTexaco said its Libya affiliate obtained a license for exploration of one onshore block. The company said it would be doing business in Libya in 28 years.

Dow Jones reported that Amerada Hess also won the right to explore in Libya.”

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U.S. Oil Companies Back in Libya
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