ConocoPhillips Operations in Libya

=History=

US oil firms had their contracts suspended in the 1980s after the US imposed sanctions on Libya, however in 2005 ConocoPhillips and several other firms such as ExxonMobil resumed their operations in the country after a 19 year absence. ConocoPhillips, in a partnership with Marathon and Hess, together forming the Waha (Oasis Group) consortium, paid US $1.3 billion to resume activities.

The majority of international oil companies (IOCs) had the terms of their contracts with the NOC renegotiated in 2008, sparking widely held expectations that the Oasis Group would also be moved to the new agreements, under the new Exploration and Production Service Agreement system EPSA IV. However, were no reports that the contract with the Group was in fact re-negotiated before the revolution of 2011.

In March of 2011, ConocoPhillips announced that it had temporarily closed its offices in Libya and evacuated expatriate employees and their dependents. The company assured that it was in compliance with sanctions and was not exporting oil from Libya. On taking power the Libyan National Transitional Council (NTC) stated in September 2011 that it will honour the current contracts signed with big oil companies, including deals with ConocoPhillips.

=Activities and Contracts=

ConocoPhillips operates in Libya as a member of the Waha (Oasis Group) consortium in the hydrocarbon-rich Sirte basin, holding a 16.3 percent stake in the consortium.

Over 2011 Conoco's average daily net production stood at 8,000 barrels of oil equivalent (boe) per day. However production restarted following the conflict in November 2011 and by February 2012 net production was again estimated at a level of 40,000 barrels per day (bpd).

=References=