By IANS,
London : As Libyan rebels continue to capture large portions of the country, the question being asked is which of the world’s biggest energy companies would get hold of Libya’s vast oil deposits if the rebel group comes to power.
Libya has more oil reserves than any other country in Africa with more than 40 billion barrels, says The Sun.
Oil giants, including BP, quit the country when the revolution started against long-time leader Muammar Gaddafi in February.
BP was reportedly just days away from drilling its first exploration well in Ghadames in the western region of the country.
The report said as the rebels start to draw up plans for their own government, oil and gas will be at the top of their agenda.
“And the vast reserves are at the top of the minds of energy giants around the world,” it said.
Philip Lambert, from Lambert Energy Advisory, said: “There are tens of billions of barrels still out there.”
And the crude is of the right kind — light and perfect for low-sulphur fuels desired in the modern world.
The country’s crude production was up to 1.6 million barrels a day when the uprising began. It has now shrunk to 60,000.
Libya opened up to foreign investment when sanctions were lifted in 2003.
Italian giant ENI “holds the trump card” in Libya, given the long-held ties between the Gaddafi regime and the country.
Spain’s Repsol is “another with a foot in the door”. But Russian and Chinese rivals including CNOOC are “licking their lips” at the riches in store, The sun said.
The coming weeks will be critical for British giant BP, it predicted.
The company was asked to leave when the industry was nationalised by Gaddafi in the 1970s. It returned in 2007 in what was termed “one of the most controversial moments” of then British prime minister Tony Blair’s tenure.
BP’s former chief executive Tony Hayward and Blair flew to Libya as the company was awarded the rights to explore 54,000 sq km for oil and gas.
Critics say BP must have been involved in talks to release Lockerbie bomber and Libyan national Abdelbaset Ali al-Megrahi back to Tripoli two years ago. BP, however, denies such claims.
Libyan rebel representative for reconstruction, Ahmed Jehani, has hinted that all existing deals would be honoured.