Libya grants 15 oil exploration licenses, US companies get lion's share
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Libya granted its first oil exploration licenses in over four decades, awarding 15 permits to foreign companies, with US companies taking the lion's share.
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At a time when oil around the world is harder to come by, Libya is dangling the rights to explore and develop new sources of petroleum.
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SAN RAMON, Calif. -- Chevron Corp., the second-largest U.S. oil company, said Wednesday its board approved a three-year, $15 billion share buyback program.
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Libya is moving ahead with plans to modernise its oil industry and invited representatives from global companies to Tripoli on Sunday for talks.
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Spanish construction group BTP Sacyr Vallehermoso said Sunday it had created a joint company with the Libyan government to bid for infrastructure contracts in the north African country.
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MELLITAH, Libya : Italia&#39;s Prime Minister Silvio Berlusconi and Libyan leader Muammar Gaddafi opened a gas pipeline between their countries in a new era of &quot;friendship and cooperation&quot; across the Mediterranean.
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Directors at Gazprom, the largest natural gas company in the world, approved the creation of an oil holding company Friday, setting the stage for the creation of a state-controlled oil and gas giant and cementing the Russian government's influence in the politically important oil sector.
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WASHINGTON, DC, Aug. 25 -- US and UK regulators Tuesday confirmed a $150 million settlement with Royal Dutch/Shell Group that the company first disclosed last month.
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TRIPOLI, September 21 (IslamOnline.net &amp; News Agencies) - Libya has welcomed Washington&#39;s lifting of most of the economic sanctions slapped on Tripoli because of US charges of sponsoring terrorism, saying it was in the interest of both countries.
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Statoil, NorwayÂs largest oil company, will pay $700 million for stakes in two oil and gas finds and one exploration prospect in deep waters of the Gulf of Mexico to offset an expected drop in domestic output. The company will buy 17.5 percent of the Caesar discovery and 12.5 percent each of the Big Foot find and the Big Foot North prospect from the Plains Exploration and Production Company of Houston, Statoil said. The discoveries are expected to increase production ÂsignificantlyÂ after 2010, Statoil said. It did not estimate the size of the reserves in the stakes.
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ChevronTexaco reports that its United Kingdom subsidiary and its partners, Statoil, OMV and DONG, have made a significant oil and gas discovery at the offshore Rosebank/Lochnagar well in the Faroe-Shetland ...
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When it comes to taking oil and natural gas from government land and waters, the oil companies are getting a good deal, says a congressional report.
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Albania, Bulgaria and Macedonia has given the go ahead for the construction of a $1.2bn oil pipeline that will pass through the Balkan peninsula.
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New technology has made it possible to unlock more oil from old fields, allowing companies to go after reserves that are harder to reach.
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Occidental is the major winner of oil and gas licences in Libya, returning to the country after two decades.
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US private equity firm Colony Capital  buys Libyan oil company Tamoil  in a deal valuing it at 4bn euros.
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Royal Dutch/Shell Group announced Wednesday that it would spend US$1.8 billion on exploration and production in the North Sea, including building a pipeline to transfer gas from Norway to Britain.