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

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To: Tomas who wrote (2234)	3/27/2001 5:38:15 PM
From: Tomas	Read Replies (1) of 2742

Libya most popular country for investment in new exploration activities Libya, Iran Are Hot Spots Says Survey LONDON, March 27 (Reuters) - Libya and Iran may still be out of bounds for US oil companies, but the OPEC member states are at the top of the world charts for new petroleum exploration ventures. A survey published found that Libya pipped Iran into second place among international oil firms in the league of the most popular countries for investment in new exploration activities in the wake of last year's oil price boom. The results come swift on the heels of news that Washington is expected this year to renew the 1996 Iran-Libya sanctions act (ILSA), which threatens sanctions on foreign energy firms investing more than $40 million in either country. The poll of 85 international oil companies - including US firms - by UK consultants Robertson Research, surveyed 146 oil and gas producing countries outside North America. ILSA has not discouraged companies like French Total, Shell or Italian from investing in big Iranian projects. None have been prosecuted under the extraterritorial legislation that has been strongly resisted by the European Union. US oil firms were forced to abandon lucrative operations in Libya by former President Ronald Reagan's 1986 executive order. However, Conoco, Marathon, Amerada Hess and Occidental travelled to Libya in December, under a special exemption to review investment opportunities. US firms are keen to regain ground lost in the North African country to European Energy rivals such as TotalFinaElf, Repsol and Eni. Iran has been barred to US companies since the 1979 Islamic revolution.

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