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Conflict in Libya: U.S. oil companies sit on sidelines as Gaddafi maintains hold - The Washington Post
Keywords:
Tags: Oil & Gas,
U.S. companies have decided to wait out the conflict in Libya till a clear picture emerges. Mufson gives a good account of the history of Libya's tumultuous relationships with western oil companies over 3 decades. Nason Saleri, former head of reservoir management at Saudi Aramco, now head of Houston based Quantum Reservoir Impact, says oil companies have decided not to get involved until the situation stabilizes. Oil companies such as ConocoPhillips attended a meeting of the U.S.-Libya Business Council where representatives of the Benghazi based coalition presented. Ali Tarhouni, leading economic policymaker for the Benghazi coalition says oil contracts will be honored. Saleri says western oil companies are preparing for the time when a new government takes charge in Libya after the end of the Ghadafi regime. His view is that once things settle down and a new government is in charge he sees the potential of enhancing the percentage of oil from known reservoirs. The reserves are there in Libya to stabilize production to earlier levels and to increase it says Saleri.
U.S. oil companies and Libya- 2011-2012
06/11/2011
U.S. oil companies have decided to wait out the conflict in Libya.
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Tarhouni was an exiled activist for three decades and has been overseas mostly in the U.S. He studied at Michigan State University and taught at the University of Washington. He was the first member of the Transitional Council based in Benghazi to go into Misrata at the height of the siege by fishing boat. He was the first member to go into Tripoli and setup offices there. He says damage to oil installations is only about 20% and wants to see oil production back up as soon as possible.
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The fall of the Gaddafi regime in Libya in August 2011 and restoration of democratic government will lead to a renewal of oil exports. Libya exported 1.5- 1.8 million barrels a day before the war against Gaddafi. The restoration of full production depends on the rebuilding of damaged refineries. This could take upto three years say experts. A psychological boost is not the same as the physical aspect of oil supplies on the ground says one analyst.
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