Libya has issued U.S. contractors the nation's first awards for oil exploration and development projects.

The regime of Libyan ruler Moammar Khaddary granted its first oil exploration licenses since the early 1960s to U.S. companies. A U.S. firm won the lion's share of 15 energy projects awarded by Libya to explore for oil in an area of 127,000 square kilometers.

The U.S. firm Occidental Petroleum won five Libyan energy projects as well as shares in four others, Middle East Newsline reported. ChevronTexaco was awarded a licence to explore the Marzouk basin south of the capital Tripoli. Amerada Hess, another U.S. firm, also won a license.

Companies from Algeria, Australia, Canada, India and Indonesia also were awarded projects. Officials said each of the winners would be required to invest $750 million into exploration.