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US oil firm returns to Libya

waegari writes: Occidental Petroleum Corp says it has become the first US oil company to resume production in Libya since the US imposed economic sanctions nearly two decades ago over the country's alleged support to terrorism.

The Los Angeles-based company has won Libyan permission, effective 1 July, to take over operations from wells that have been producing 12,000 to 15,000 barrels of oil a day, the company said on Friday.

Occidental was forced to leave Libya in 1986 when US sanctions were imposed, and management of the wells was turned over to a subsidiary of Libya's National Oil Corp. Occidental received no profits from the crude oil production

Al Jazeera

Posted on Saturday, July 30 @ 08:55:27 PDT by Carrie

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