U.S. OIL COMPANIES DISCUSS RETURN TO LIBYA
Dr. Zlitni, the country's top oil official, said that the meetings have allowed the parties to "talk in more detail and exchange information."
The oil companies have been hoping for some time for a thaw in the U.S. freeze on Libyan investment. Companies that previously had operations in that country, including ConocoPhillips and Occidental Petroleum Corp. , were banned from doing business in Libya when U.S. sanctions were first imposed in 1986. There has been talk about lifting the sanctions on Libya for two years, but it didn't move toward reality until last month, when Libya said it would destroy its weapons of mass destruction.
Dr. Zlitni also suggested that there might be an intermediate stage between a total freeze and open doors, if the U.S. government permits it. The companies, for instance, might get "special licenses . . . to start work without spending too much money in the beginning," he said.
The oil companies would like to return, bringing new investment. Three oil companies, known as the "Oasis Group" -- ConocoPhillips, Amerada Hess Corp. and Marathon Oil Corp. -- hold a combined 41% stake in the Waha field in Libya, but they haven't been able to participate in the field. Separately, Occidental Petroleum also had oil interests there.
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