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Article: Catching up: Tripoli has made some progress but a lifting of US sanctions would be the real catalyst for development of its vast resources.(Libya)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- January 9, 2004
CopyrightCOPYRIGHT 2004 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AS ever, Libya's oil field development moves slowly Decision-making remains the biggest stumbling block, with tendering and the award of licences often taking up to two years. But vast tracts of the country remain unexplored, and there are at present more than 90 exploration blocks on offer. This goes some way to explaining why Libya is consistently voted one of the most attractive investment destinations for international oil companies (IOCs), in spite of Tripoli's procrastinations.
Libya's recent renunciation of its weapons of mass destruction programme has raised hopes that US sanctions may soon be lifted. US IOCs are queuing up to re-enter the country. ...