Lundin Oil (LOILY, LOILB Sweden) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tomas who wrote (1417)	12/8/1999 12:15:00 AM
From: Tomas	Read Replies (1) of 2742

Conoco evaluates abandoned oil assets in Libya HOUSTON, Dec 7 (Reuters) - A team from Conoco Inc. (NYSE:COCa - news) is currently evaluating oilfields in Libya that the company was forced to abandon more than a decade ago because of U.S. sanctions against the North African country. Conoco Chairman and Chief Executive Officer Archie Dunham told the Arthur Andersen Energy Symposium in Houston on Tuesday that the U.S. State Department had recently given Conoco and some other companies permission to travel to Libya. Dunham said the State Department had refused to allow him to travel to Libya himself and had further stipulated that the company's team should include only one manager. The Conoco team is being led by Ted Davis, president of the company's operations in Africa, the Middle East and Asia, whom Dunham described as one of Conoco's most experienced executives. Dunham said the team, composed mainly of technical experts, had left for Libya on Saturday and that he had not yet heard back from them. ``They're going out in the field and looking at our production facilities in Libya,' he told reporters. Dunham said the team would assess what state of repair the company's assets in Libya were in and to what extent they were still producing oil. Asked if Conoco, the fifth largest U.S. oil company, would like to resume its operations in Libya, Dunham said: ``Absolutely.' Libya still recognizes Conoco's ownership of the added properties, he added. The current visit by Conoco officials marks their first return to the company's properties in Libya since 1986. Washington has accused Libya of sponsoring terrorism and barred U.S companies from doing business there, but Dunham said he hoped the U.S. would eventually restore relations with Libya. Dunham has been a persistent critic of unilateral sanctions against countries such as Libya and Iran, saying they have failed to promote positive political changes while putting American companies at a disadvantage to foreign competitors. biz.yahoo.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next