Occidental to resume Libyan operations it had to leave in 1986

Occidental Petroleum Corp. will be the first US-based oil and gas producer to resume operations in Libya, company officials said.The company had to leave its operations in the prolific Sirte basin in 1986 when the US government barred US firms from doing business in Libya. Occidental already has “technical teams” in the country to assess the condition of its exploration and production properties. It should “not take too long” to resume operations, a spokesman told OGJ.Occidental negotiated an agreement with Libya’s National Oil Corp., effective July 1, to resume operations under the terms of the previous “standstill agreement” that preserved its c...

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