Richard Wray
Saturday December 31, 2005
The Guardian
Three US oil companies are to return to their oil and gas operations in Libya after 20 years. Marathon Oil, ConocoPhillips and Amerada Hess have signed a deal with Libya to return to fields they abandoned in 1986.
The three companies gave up their interests when the US government imposed sanctions on Libya after the Lockerbie bombing in Scotland in 1985.
Libyan National Oil Corporation, which has operated the three's concessions since they quit, will hold nearly 60% of a new oil venture. The companies have agreed to pay $1.3bn (£760m) to return and have their licences extended to 2034.
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