Oil companies from the United States, Europe, and Asia are scrambling for a share in Libyan oil as the rebels’ Transitional National Council gradually works to take the place of the Gadhafi regime.
Many of the companies are eager to restart business deals they had with Gadhafi on more beneficial terms with the rebels. British Petroleum (BP) of the United Kingdom, Total of France, and ENI of Italy had major projects in Libya before the rebellion against Gadhafi began six months ago.
ENI, which was producing 196,000 barrels per day before the war, was sending technicians to back Libya even before Gadhafi’s fortified compound in Tripoli was overrun by rebels this week, so it may be the first to resume production. BP is likely to push a $1 billion deep-water exploration program in the Gulf of Sidra, part of a $900 million deal signed with Gadhafi in May 2007.
Other companies, like Gazprom from Russia and Repsol from Spain, are also looking to restart oil drilling, production, and export out of Libya, which has at least 41.5 billion barrels in reserves, the ninth largest in the world. Some have made the case that Libya’s high potential value as an oil exporter influenced the US-NATO decision to intervene on behalf of the rebels.
It's like winning the lottery. Add to that the $1.5 Billion the UN will release to 'Relevant Libyan Authorities' and it's a wonderful day.
The vultures are circling the cadaver.
Thats what it was about from the begining.All the wars are based on lies why would Lybia be any different.
Does this remind anyone else of the film or the book "The Dogs of War"?
This display of corporate greed is disgusting- it just proves the lie that we intervened for 'humanitarian' reasons. Yet, we wonder why we're not trusted in most parts of the world? Sure, we've got smiles and handshakes for the leaders, but those our guys in the room have guns to use if the locals aren't bowing and scraping enough to suit us- and then we have suits waiting outside for the survivors to sign away their people's national treasure for a few dollars.
It's not only morally and ethically repugnant, it's also downright embarrassing.