January 3, 2005

WE GOT THE NUKES AND THE OIL:

Oil firms gush over Libya (Jad Mouawad, January 3, 2005, The New York Times)

For the first time in a decade, a new oil territory is opening up - or, rather, reopening.

U.S. oil executives have recently been flocking to Libya, crowding the lobby of Tripoli's only luxury hotel and literally standing in line to meet local officials. The executives are bent on finding out whether this oil-rich North African country - long walled off from foreign investment because of its anti-American stance and ties to terrorist organizations - could become the next frontier for exploration.

What the petroleum crowd is after lies hundreds of kilometers south of Tripoli, beneath a desert that holds oil reserves estimated at more than 36 billion barrels, enough to fulfill U.S. daily imports for eight years.

That may be just a starting point. With oil around the world getting harder to come by, Libya is dangling the rights to explore and develop new sources of petroleum. It holds the largest oil reserves in Africa, and, as officials here point out, only a quarter of the country has been explored.


At least the No War for Oil crowd got one right.

Posted by Orrin Judd at January 3, 2005 12:00 AM
Comments

Onward Into Libya..."O.I.L." (Sorry, I couldn't resist.)

Posted by: Dave W. at January 3, 2005 11:12 AM
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