Canadian Oil

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Globe/WSJ say Imperial parent chasing oil in Libya

2007-03-08 06:50 ET - In the News

The Globe and Mail reports in its Thursday edition that Exxon Mobil boss Rex Tillerson wants more access to Libya's vast oil fields. A Wall Street Journal dispatch to The Globe says Mr. Tillerson met with Libyan leader Moammar Gadhafi last month. The United States ended its official designation of Libya as a sponsor of terrorism last year. Exxon has a long history in Libya. It discovered the first oil field there in 1960. It left Libya in 1986 when Washington banned U.S. oil firms from investing there. Mr. Tillerson said he had a "great meeting. He was a very gracious, cordial host." Libya has emerged as a rarity in the world today. It is an oil-rich nation that is friendly to U.S. investment. While Exxon won exploration rights on two offshore blocks last year, other blocks were awarded to companies from Russia, Australia, Indonesia, Japan and China, as well as U.S. companies Occidental Petroleum and Hess. Libya has 40 billion barrels of oil deposits undeveloped. Observers say Exxon and others want to breathe new life into Libya's giant but aging oil fields. Expectations are for Libya to partner with a foreign company to redevelop these fields. Exxon wants to get in on the action.