Will US oil firms return to Libya?

[Judi Lynn]

First Published 2003-12-23, Last Updated 2003-12-23 10:19:49


Libya produces around 1.4 billion barrels of crude oil daily

Will US oil firms return to Libya?


Impending end of Libya's isolation hails likely return of US oil tankers amid fierce competition from Europeans.


By Geraldine Amiel - NEW YORK

As Libya prepares to return to normal international relations following its decision to give up weapons of mass destruction, US oil companies are tipped to resume operations there, a country they have had in the past had major representation.

Britain and Washington announced December 19 that following secret negotiations with Libya its leader Colonel Moamer Kadhafi had decided to renounce WMD.

The US government Monday cautiously raised the prospect of lifting sanctions against Libya after the surprise decision.

"One of the first consequences is that the US oil companies could go back now," said Manouchehr Takin, an expert with the London-based Centre for Global Energy Studies (CGES).

"My sense is that the Libyan announcement is very positive for the US oil groups to re-enter that market," said William Edwards, an oil sector analyst with Texas-based Edwards Energy Consultants.
(snip/...)

http://www.middle-east-online.com/english/?id=8276

[nadinbrzezinski]

1. Yes taht is a gfven

[drscm]

2. It was never about WMDs. The boy king is only interested in oil. eom

eom

[Judi Lynn]

3. Related article: Houston companies want sanctions against Libya lifted

Posted on Tue, Dec. 23, 2003

Houston companies want sanctions against Libya lifted
Associated Press

HOUSTON - Executives of two Texas oil companies are already making plans to take advantage of a possible end to an embargo with Libya.

Representatives of ConocoPhillips and Marathon Oil Corp. haven't made a trip to Libya since 1986, when President Reagan imposed sanctions on Libya because of terrorist activity.

But company officials say that could change. The Bush administration on Monday dangled the prospect of improved economic relations with Libya. The country agreed Friday to dispose of its weapons of mass destruction and open the door for inspections.

"The events that took place on Friday are very encouraging, but we are still held to U.S. sanctions," Susan Richardson, spokeswoman for Marathon Oil, said in Tuesday's editions of the Houston Chronicle.
(snip/...)

http://www.fortwayne.com/mld/newssentinel/business/7556296.htm