Oxy was forced to leave its oil exploration and production operations in the Sirte basin in 1986, when the US government prohibited American companies from doing business in Libya.
In the interim, a subsidiary of Libya's National Oil Corporation has operated the producing properties.
Oxy retained its contractual rights during the sanctions era but collected no economic benefits from the operations.
The old contract, which includes four exploration blocks, plus nine new exploration blocks, comprises an area of about 130,000 square kilometres, making Oxy the largest net working interest holder of oil and gas acreage in the country.
Resumption
