U.S. oil companies eye return to Libya after 18 years [View All]

[ze_dscherman]

WASHINGTON, D.C. — U.S. oil companies with holdings in Libya received White House permission Thursday to negotiate the resumption of once-lucrative deals stalled by bilateral sanctions imposed in 1986.

The Bush administration ended a long-standing ban on travel to Libya and invited American companies to begin planning their return after Moammar Gadhafi's government confirmed that it was responsible for the bombing of Pan Am Flight 103 in 1988.

Energy experts said an infusion of American capital and expertise would likely slow the decline of Libya's oil production and could help restore output to its historical peak. Libya now produces less than half its 1970 high of 3.3 million barrels a day.

SNIP

http://www.enn.com/news/2004-02-27/s_13534.asp

Note to mods: There have been related threads on the lifting of sanctions, but not focused on the return of oil companies.