Houston oil companies return to Libya in venture

[Rose Siding]

snip>
Houston-based ConocoPhillips and Marathon Oil, along with New York-based Amerada Hess, have reached an agreement with the Libyan National Oil Corp. that will allow them to restart their oil and natural gas operations in the prolific Waha field.

The concessions agreement is a highly-anticipated return for the old Oasis members to the African nation, which is a member of the Organization of the Petroleum Exporting Countries.

Marathon CEO Clarence Cazalot called this "a historic day for Marathon and our partners."
....
ConocoPhillips and Marathon each will hold a 16.33 percent interest in the concessions. Amerada Hess will hold an 8.16 percent interest. The Libyan National Oil Corp. will hold the remaining 59.16 percent stake.

http://www.chron.com/disp/story.mpl/front/3554730.html

[ny_liberal]

1. 350,000 barrels per day -- good news

[MaineDem]

2. More US oil firms return to Libya

-snip-

US and EU trade sanctions on Tripoli were lifted last year after Libyan leader Muammar Gaddafi agreed to renounce weapons of mass destruction.

In its February 2005 report, the US Department of Energy announced that Libya was ready to become a major oil exporter again, especially to Europe.

Asian and European oil firms have already won many of the contracts on offer. Five Japanese companies, including Mitsubishi and Nippon Petroleum, have been awarded permits to develop oil fields.

http://news.bbc.co.uk/1/hi/business/4568642.stm

Is it any wonder George made nice with Kaddahfi?

[Javaman]

3. And so goes the deal with Kaddafi...

So Omar, please make nice and we will cut you in for a huge profit on your own oil when we drill the shit out of your country, okay? So later on when you are tapped dry, you can still get your latte's.