3 Oil Cos. to Resume Operations in Libya
Posted on: Thursday, 29 December 2005, 21:00 CST
DALLAS - ConocoPhillips Co., Marathon Oil Corp. and Amerada Hess Corp. said Thursday that they will resume oil and gas operations in Libya after nearly a 19-year absence.
The return reflects renewed U.S. interests in Libya after the U.S. government last year lifted close to two decades of economic sanctions.
The three companies will share the returns from a 350,000 barrel-a-day operation with the Libyan National Oil Corp.
ConocoPhillips and Marathon, both of Houston, will have 16.33 percent each; New York-based Hess will have 8.16 percent; Libya's NOC will have 59.16 percent.
Oil companies worldwide have been seeking to renew as well as pursue new exploration and production rights.
Earlier this year, Los Angeles-based Occidental Petroleum Corp. and Exxon Mobil Corp. of Irving, Texas, announced production and exploration commitments in Libya.
Source: Associated Press/AP Online
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