No Occident: Increased Interest in Libya

Via Stratfor (subscription required), news that U.S. energy company Occidental Petroleum Corp. and Australian oil and gas firm OMV have agreed to jointly explore for oil in five areas in Libya. According to the article:

“…the firms will spend $2.5 billion altogether over the next five years to redevelop oil fields in the Sirte Basin, where most of Libya’s oil output originates, and Libya’s National Oil Co. will contribute another $2.5 billion in exploration funds. This deal comes days after U.S. oil major ExxonMobil signed a deal to widen its exploration in Libya.”

Given the renaissance in Western relations with Libya and deterioration of relationships in other oil producing areas around the world, I expect to see more such agreements in the future.

This entry was posted on Wednesday, November 28th, 2007 at 12:39 pm and is filed under Libya, Libya National Oil Company (NOC).  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

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