US giants pass on Libya renewals

Libya: Chevron and Occidental do not renew licences.

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By News Wires

 01 October 2010 22:31 GMT

US giants Chevron and Occidental have not extended their five-year oil and gas licenses in Libya, a senior executive with Libya's NOC state energy company said.



Other companies whose licenses were not extended included Australia's Woodside Petroleum and Abu Dhabi-based Liwa Energy, NOC Exploration Director Hadj Fitouri said in an interview.

He told Reuters the companies, which had agreed license extensions were Hess, Petrobras, Indonesia's Medco Energi, Oil India Limited and Algerian state energy player Sonatrach.

Chevron and Occidental were part of a first wave of foreign companies that rushed to invest in Libya's energy sector after sanctions were lifted but many of them have since failed to make any major oil or gas discoveries.

"Some companies have…

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