Libya has resumed talks with ChevronTexaco for the
resumption of investment in the energy sector of the North African state.
Executives said a ChevronTexaco delegation met Libyan officials in
Tripoli several times during 2004 to discuss investment in Libya's crude oil
and natural gas sector. The talks were enabled by the lifting of U.S.
sanctions by President George Bush more than six months ago.
Chevron operated in Libya throughout the 1960s and 1970s until its joint
venture operations with Texaco were taken over by a unit of Libya's National
Oil Corp. about 25 years ago, Middle East Newsline reported. Other U.S. companies that operated in Libya
until the imposition of U.S. sanctions in 1986 also resumed efforts to
return to Libya.
So far, none of the U.S. companies have signed an agreement with Libya.
Industry sources said Libya has also been negotiating with such European
energy contractors as Anglo-Dutch Royal Dutch/Shell Group, which announced
an oil and natural gas partnership in March.