Big Oil Moves Back To Libya
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Since the invasion of Iraq Libya has renounced its WMD programs and terrorism, rejoined the international diplomatic community after years of isolationism and is now opening itself back up to the world market.
Personally, I blame President Bush.
TRIPOLI, Libya (UPI) -- Three big U.S. energy companies are back in Libya after a two-decade absence from the oil-rich nation.
ConocoPhillips and Marathon Oil Corp., both of Houston, plus Amerada Hess Corp. of New York will pay a combined $1.83 billion to resume finding and producing hydrocarbons in North Africa, the companies said Friday.
ConocoPhillips and Marathon each have a 16.33-percent stake in the Waha concession, Amerada Hess holds an 8.16-percent interest and Libyan National Oil Corp. owns the remaining 59.16 percent.
Based on their respective interests in the concession, which now produces about 350,000 barrels of oil per day, the three U.S. companies are paying various 're-entry' and 'unamortized investment' fees that total $1.83 billion to Tripoli.
'We are pleased to be rejoining our longtime friends at the Libyan National Oil Corp. and the Waha operating company,' said Clarence P. Cazalot Jr., Marathon`s chief executive.
'We look forward to assisting in the further exploration and development of Waha`s significant oil and gas resources, improving productivity from the existing fields and to providing gas supplies for the Libyan economy and for export.'
Since the invasion of Iraq Libya has renounced its WMD programs and terrorism, rejoined the international diplomatic community after years of isolationism and is now opening itself back up to the world market.
Personally, I blame President Bush.
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