Libya oil eyed by Western companies

[IDemo]

By Steve Hargreaves @CNNMoney October 25, 2011: 5:24 AM ET

NEW YORK (CNNMoney) -- Western oil companies are eager to jump back into Libya, but without strong oil laws there they are hesitant to invest the billions of dollars needed to boost production.

Before the fighting broke out, the country produced about 1.6 million barrels of oil per day. Of that, the Libyan National Oil Company controlled about 1.1 million.

A handful of Western oil companies, including Italy's Eni, France's Total and ConocoPhillips, Marathon), Hess and Occidental account for most of the remaining oil, with Eni being the largest player.

But under Moammar Gadhafi the terms of those deals were strict. The dictator effectively imposed a 93% tax on any oil the companies produced in Libya.

http://money.cnn.com/2011/10/25/news/international/libya_oil/index.htm?hpt=hp_t2

[Davis_X_Machina]

1. Why are they hesitant?

I thought they started the alleged 'revolution' in the first place?

I certainly hope the late unpleasantness was all about oil.

I save a lot of time by filtering all world events through ideas and perspectives I acquired thirty or forty years ago and I'm too damn old, and it's too time-consuming, to start acquiring new ones, like this 'R2P' I keep hearing about.

[classysassy]

2. It's not about oil,it's about democracy

"Oh what fools we mortals be".