US firms get a shot at Libyan oil reserves
August 19, 2004
Washington - Libya's first auction of oil and gas drilling licences since US sanctions ended was expected to draw bids from a range of US companies in their first crack in 18 years at the sought-after light sweet crude deposits, said lawyers with US energy clients.
Heavyweights ChevronTexaco and Exxon Mobil have expressed renewed interest, but the auction is also likely to attract interest from independents.
And Libya's National Oil Corporation, which put 15 onshore and offshore areas on the auction block on Monday, is likely to spread awards across a large number of second-tier players.
"For American small and medium companies this is a huge opportunity; I don't think the majors will get this all their own way," said John McInespie, a lawyer at Butera & Andrews, which advises US clients on Libya.
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