US oil companies return to Libya
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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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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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Oil prices rebounded quickly from a brief fall late last week as fierce fighting in the Iraqi city of Najaf overshadowed Iraq&#39;s resumption of full exports following a two-week disruption.
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The price of oil jumped back above 90 dollars on Friday, helped by a recovery in global stock markets on the back of plans for a stimulus package to prevent the US economy falling into recession, traders said.
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U.S. private equity firm Carlyle Group  is expected to buy Libya's European oil company Tamoil, Britain's The Business newspaper reported on Sunday, citing a source close to the deal.
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British energy giant BP said that it expected to resume full production by the end of October of 400,000 barrels of oil a day from Prudhoe Bay, the biggest US oil field.
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U.S. private equity firm Carlyle Group   is expected to buy Libya's European oil company  Tamoil, Britain's The Business newspaper reported on Sunday,  citing a source close to the deal.
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Libya took another stride out of diplomatic isolation yesterday when the European Union agreed to lift all sanctions against it. The move came two days after the US president, George Bush, formally ended Washington&#39;s
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Canadian Prime Minister Paul Martin, keen to play a greater role in a world dominated by the United States, heads to Libya on Saturday for the latest in a series of high-profile foreign trips.
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Libya awarded its first contracts to  U.S. companies in 18 years Saturday, handing oil and gas  exploration licenses to three American firms to draw a line  under decades of international isolation.
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The Bush administration has asked Congress to quickly lift a ban on U.S. Export-Import Bank loans in Libya and said "timing is critical" to help American companies invest in the oil-rich country, according to a letter released on Tuesday.
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Four American oil workers abducted three weeks ago in Nigeria's restive oil region were released Wednesday.
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British energy giant BP is set to announce its return to Libya after an absence of 33 years, Prime Minister Tony Blair&#39;s official spokesman said Tuesday, shortly before Blair took off for the north African country.
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SIRTE, Libya  - British Prime Minister Tony Blair arrived in Libya on Tuesday for talks with Muammar Gaddafi as oil giant BP sealed a major energy deal marking stronger British ties with the former outcast state.
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The Bush administration has asked  Congress to quickly lift a ban on U.S. Export-Import Bank loans  in Libya and said "timing is critical" to help American  companies invest in the oil-rich country, according to a letter  released on Tuesday.
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SIRTE, Libya  - British Prime Minister Tony Blair hailed what he called Britain's transformed relations with Libya after meeting Muammar Gaddafi on Tuesday and the two countries announced major energy and defense deals.
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SIRTE, Libya  - British leader Tony Blair held talks with Muammar Gaddafi in a tent in the Libyan desert on Tuesday as BP sealed a big energy deal with Tripoli in a boost to the West's ties with the once-isolated African state.