For West's Oil Firms, No Love Lost in Libya

[jakeXT]

Col. Moammar Gadhafi claims the Western countries supporting the uprising against his rule have one aim only—to get their hands on Libya's oil. But Western oil companies have been able to tap Libya's oil riches for years now, and they have been so disappointed that even before the rebellion erupted, many had left.

"Libya has gone from the world's most exciting oil-exploration hot spot in 2005 to another geologically, politically and fiscally risky also-ran," says Charles Gurdon, a North Africa expert at Menas Associates, a consultancy.

The companies that have remained now face deep uncertainty. International sanctions mean none will be able to return while the current regime is still in place. Even if they could, Col. Gadhafi probably wouldn't let them back in: he has threatened retribution against firms from countries that are bombing Libya. It could be months, or even years, before foreign investors are allowed to re-enter.

Libya's oil industry was born in the 1950s, when it first began opening itself up to foreign oil explorers. Soon they were making huge strikes, and by 1969, Libya was producing more than Saudi Arabia.

...
http://online.wsj.com/article/SB10001424052748703730104576260902489238740.html

use google search with headline to read whole story