Abstract

The lifting of the U.S. Sanctions on Libya and the ensuing improved political relations between the two countries have paved the way for the return of U.S. oil companies to their original concessions, granted under the 1955 Petroleum Law. Operation of these concessions was effectively blocked after the US State Department's unilateral decree of 1986 forced these companies to cease all petroleum activities in Libya by 30th June of that year. The three US firms/consortia affected at the time were Grace Petroleum, the Occidental Oil Company, and the Oasis Consortium, as ...